Economic Indicators of the Farm Sector: State Financial Summary, 1988

California led in net farm income for 1988 with $6.1 billion. Texas was second with $3.7 billion, followed by Florida ($2.9 billion), Nebraska ($2.1 billion), and Iowa ($2.0 billion). Net farm income reflects cash income minus cash expenses plus adjustments for noncash and operator dwelling income and expenses. Cattle and calves and dairy products were the top commodities in cash receipts. Texas led cattle and calf receipts with $4.9 billion, and Wisconsin topped dairy sales with $3.0 billion. Soybeans and hogs were the third- and fifth-ranked commodities, and Iowa led in sales for both, with receipts of $1.2 billion and $0.9 billion, respectively. Corn was the fourth-ranked commodity, and Illinois was the leader with receipts of $1.8 billion.