The Liquidity of Illinois Grain Farms: Working Capital

In 2023, the total noncapital living expenses of 1,345 farm families enrolled in the Illinois Farm Business Farm Management Association (FBFM) averaged $97,100--or about $8,000 a month for each family (Figure 1). This average was about 6 percent higher than in 2022. Another $8,762 was used to buy capital items such as the personal share of the family automobile, furniture, and household equipment. Thus, the grand total for living expenses averaged $105,862 for 2023 compared with $98,833 for 2022, or a $7,029 increase per family.