The U.S. Department of Agriculture (USDA)’s annual survey of the nation’s 1,620 farmer, rancher and fishery cooperatives shows that cooperative revenues remain near record levels, at $275.8 billion in 2024, although they have declined slightly from the all-time high seen in 2022. Net income before taxes in 2024 was $11 billion, about a 10% decrease compared to 2023.
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Agricultural cooperatives have been a mainstay in rural America for more than a century. USDA’s cooperative database shows that 393 co-ops (22% of all ag coops) are 100 or more years old. Sixty-one percent (1,002 co-ops) are 75 years or older, and 79% (1,265 co-ops) are more than 50 years old. Ag co-ops are an efficient and sound marketing channel for their members’ commodities, many adding value to products, further benefitting member-owners economically. Co-ops also continue to provide supplies and services members need to operate their operations in challenging agricultural and economic environments.