As an agricultural expert with extensive knowledge in the field of farming economics, I can provide a detailed analysis on the income of farmers. It's important to note that the income of a farmer can vary greatly depending on a multitude of factors including the type of farming, the size of the operation, the geographical location, the commodities produced, and the overall market conditions.

The data provided from the Bureau of Labor Statistics as of May 2011 suggests that farmers earned an average of $33.66 per hour or $70,010 per year. However, it's crucial to understand that this is an average figure and actual earnings can be significantly lower or higher. For instance, the lowest 10 percent of earners might make less than $15.38 per hour or $31,980 per year, while the top 10 percent could earn more than $53.92 per hour or $112,150 per year.

The type of farming plays a pivotal role in determining the income. For example, crop farmers who grow crops like corn, soybeans, or wheat might have different income streams compared to livestock farmers who raise cattle, pigs, or poultry. Additionally, farmers who engage in both crop and livestock farming, known as mixed farming, might have a more diversified income.

The size of the farming operation is another critical factor. Small-scale farmers might not have the same economies of scale as larger operations, which can affect profitability. Large-scale commercial farms, on the other hand, might have higher revenues but also come with increased costs and overheads.

Geography also influences a farmer's income. Farmers in regions with fertile land, favorable climate, and well-developed agricultural infrastructure might have an advantage over those in less favorable conditions. Moreover, certain regions might have higher demand for specific crops or livestock, which can drive up prices and consequently, income.

Commodity prices are another significant factor. These prices are subject to market fluctuations and can greatly affect a farmer's income. For example, if there's a bumper crop one year, it might lead to an oversupply and a drop in prices, which can negatively impact the farmer's earnings.

Lastly, government policies, subsidies, and trade agreements can also have an impact on a farmer's income. Support from the government in the form of subsidies can help offset some of the costs of farming, while trade agreements can open up new markets for farmers to sell their products.

In conclusion, the income of a farmer is a complex subject influenced by various factors. While the average hourly wage might be around $33.66, it's essential to consider the wide range of variables that can affect this figure. It's also important to remember that farming is not just a profession but often a way of life, and the income is just one aspect of the farming experience.

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Farmers earned an average $33.66 per hour or $70,010 per year as of May 2011, according to the Bureau of Labor Statistics. Compensation could sink below $15.38 per hour or $31,980 per year, or rise above $53.92 per hour or $112,150 per year.read more >>