USDA: 2010 net farm income forecast up 12%
Net farm income in the USA is forecast to be $63 billion in 2010, up $6.7 billion (11.8%) from 2009, the United States Department of Agriculture predicts. Especially for livestock producers, times are expected to be better.
The 2010 forecast is $1.4 billion below the average of $64.5 billion in net farm income earned in the previous ten years. Still, the $63 billion forecast for 2010 remains the fifth largest amount of income earned in US farming.
The top five earnings years have occurred since 2003, attesting to the profitability of farming this decade. Farm income exceeded $80 billion in 2004 and 2008 and topped $70 billion in 2005 and 2007.
In 2010, the economic conditions for livestock producers are expected to improve, while the economic conditions for crop producers are expected to deteriorate slightly or stabilise. Total expenses are forecast to be little changed from 2009.
Hog receipts are expected to increase as a slight decline (2.8%) in pork production is more than offset by a $3.77-per-cwt increase in the price of pork.
For a complete overview of the estimates, get the forecast for farm sector income.
• Economic Research Service
• US Department of Agriculture
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