Welcome to the life of most self employed people. Not many are making a killing if looked at a per hour wage.
Farming is usually a cash poor, asset rich business. It just about always has been.
All businesses change over time. Many see their costs rise and the gross drop as the business their in matures. Farming is a very mature business so the margins are really low.
I think a big part of the dairy industry's falling prices has been partly caused by technology. Parlors and free stall barns have made it so the labor requirement per cow/hundred weight is falling. So the profit margin is falling with that.
I think the dairy industry is going to vertically integrate soon. You may own the cows and still get paid for the mile but you will be contracted to Walmart, Kroger, etc. to buy your milk. The end retailer will be buying your milk directly.
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Today's Featured Article - Show Coverage: Godfrey, Illinois Country Days - by Cindy Ladage. Except for last fourth of July's Old Gold show in Springfield, Illinois, I don't remember when it was so hot. Nevertheless, the heat didn't keep vendors and visitors alike from enjoying the third annual Country Day's Event. Jane Elliott said the event was originally a one man show. "Barry Seiler, owner of Country Town Farm Supply store used to invite people up to the Johne Deere store. He would give hats and a free meal for everyone that brings a tractor." Elliott said while this
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