The USDA’s Economic Research Service increased its net farm income forecast by 43 percent to $119.6 billion. With an inflation adjustment, this puts net farm income at the highest level in seven years. The majority of the farm income increase comes from ad-hoc government payments totaling $46.5 billion, an increase of $24 billion from last year. Higher government payments offset a $9.7 billion decline in cash receipts for livestock producers. Crop cash receipts are forecast to increase $6.5 billion higher than last year at more than $200 billion. Read the stats.
News Categories
Latest RRFN Podcasts
Subscribe to RRFN
Get a weekly digest from RRFN to stay up-to-date on all the latest news in agriculture.