The final Progress of the Dairy Farm Report for the 2022 business year, written by PRO-DAIRY Farm Business Management specialists Jason Karszes and Lauren Augello, is released and represents the 67th year a summary of New York dairy financial and business performance has been published by Cornell.
The objective of the Dairy Farm Business Summary & Analysis Program (DFBS) is to help farm managers improve the financial management of their dairy farm through appropriate use of historical farm data and the application of modern farm business analysis techniques. This information can also be used to track changes within the business, establish goals that will enable the business to better meet its objectives, compare the performance of the farm to other dairy producers, and establish a basis for financial projection and planned changes within the business.
The report includes a summary for all farms, and summaries of farms in the following herd size categories: Less than 500 cows, 500 to 999 cows, 1,000 to 1,499 cows, and 1,500 cows and greater. Highlights from the average of all farms:
- Herd size and total milk production increased by 3 percent
- Hired labor costs per worker equivalent increased by 6.4 percent
- Milk sold per worker increased 0.6 percent
- Total farm operating costs increased 18 percent
- Total cost of producing milk increased 19 percent
- Gross milk price increased by 37 percent
- Rate of return on all capital without appreciation equals 11.6 percent
PRO-DAIRY is a nationally recognized extension and applied research leader serving dairy farms for more than 30 years.
