News

USDA reduces net farm income forecast

USDA is reducing their net farm income forecast for this year from the $128 billion predicted earlier this year down to $120.6 billion. Ag Department Chief Economist Joe Glauber says it is basically due to larger crops and lower prices meaning receipts will fall.

Crop receipts are forecast at $211 billion down from $223 billion last year. Livestock receipts are predicted to reach $180 billion compared to $172 billion last year.

Expenses for everyone will be up $13 billion to $318 billion, the highest ever.

Glauber says farm debt is forecast to hit $308 billion up 3 percent but farm assets will grow and are expected to set a new high for farm equity.

Further details from the USDA Economic Research Service are available here: