In estimating the value of livestock and its products, railroad and stock yard 

 receipts of Montana livestock together with reports of creameries are used. Al- 

 lowance is made for sales of farm and local slaughter and farm sales of other 

 livestock items, on basis of reported sales by farms as shown in the last decen- 

 nial census. Prices for livestock and its products as reported monthly at the 

 farm or ranch are weighted by the railroad shipments each month. As in case 

 of crop income the livestock income is made on a comparable base from year 

 to year to determine primarily the changes in yearly income as brought about 

 by fluctuations in the marketings, and prices to producers. 



ESTIMATES OF FARM INCOME BY YEARS 



Income from Income from Total 



Crop Sources Livestock Income 



1928 $46,784,000 $48,211,000 $ 94,995,000 



1924 74,343,000 50.789,000 125,182,000 



1925 _ 57,877,000 66.302,000 123,909,000 



1926 58,171,000 75,277,000 133,448,000 



1927 (revised) 88,409,000 63,594,000 152,003,000 



1928 Preliminary 75,031,000 78,744,000 153,775,000 



DISTRIBUTION OF FARM INCOME 



Sales of crops in 1928 constituted 48.8 per cent of the total farm income 

 compares with 58.2 per cent in 1927 and 43.6 per cent in 1926. Only twice since 

 estimates were started in 1923 has the proportion derived from crop sales exceeded 

 that from livestock sources. These two years were 1924 and 1927, the former 

 being characterized by a relatively larger grain crop with high farm prices and 

 the latter by the largest grain crop yet produced in Montana. In both years the 

 volume of livestock sales tended to reduce compared with that of the preceding 

 year. This finds part explanation at least in the fact that most grain producers 

 also have livestock as do most producers of the other cash crops with the result 

 that in years of good crops or good crop prices there is less incentive to market 

 livestock. 



Geographically the distribution of farm income will compare favorably with 

 1927. In central, east central, and some southern sections of the state where 

 crop yields in the aggregate were lower, livestock marketings particularly of 

 cattle were larger, and acted as an offset. 



0/^T/?/BaT/OA/ OF- >«>I/?A/ /A/COM£r 



-4.0 





SOURCES OF FARM INCOME 



Wheat among the crop sources and cattle among the livestock sources both 

 retain their respective first places as sources of the 1928 income. Curiously the 

 decline in wheat income compared with 1927 was just about offset by the gain in 

 cattle income compared with 1927. Wheat income in 1928 represents about 38 

 per cent of the total farm income and 77.7 per cent of the total crop income. Cat- 

 tle income in 1928 represents about 21 per cent of the total farm income and 40.9 

 per cent of the total livestock income. 



Sheep and wool are third place in total farm income and second place in 

 livestock income. Dairy products are fourth place in total farm income and third 

 in livestock income. Next in the series in total farm income come hogs in fifth 

 place; hay in sixth place; poultry in seventh place; flax in eighth place; sugar 

 beets in ninth place and beans in tenth place. 



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