News

USDA’s farm income forecast is down

The USDA is reducing its net farm income forecast for the year to about $66 billion. That is up from a February projection but down 13 percent from 2017.

Net farm income is forecast to decline $11 billion from last year. If realized, it would be just slightly above its level in 2016, which was the lowest level since 2002.

Rob Johansson is the USDA’s Chief Economist.

“The big change is the increase in production expenditures, up by about $12 billion,” he says.

And the USDA says net cash income is forecast to decrease $12 billion to $92 billion.

The forecast does not include payments that will be made in the USDA’s trade assistance package.

The USDA will release another farm income forecast November 30.