FARM FORECAST: USDA Predicts Record Year
The weather forecast has brought a lot of negative news to farmers recently, but another forecast has brighter news for them to look forward too.
The USDA released the strongest farm income forecast in four decades on Monday. At $128.2 billion the net farm income for 2013 is set to reach a record high.
United States Agriculture Secretary Tom Vilsack said the forecast is, “another positive testament to the resilience and productivity of U.S. farmers and ranchers. American agriculture continues to endure an historic drought with tremendous resolve, and last year was an important reminder of the need for a strong safety net.”
The forecast is up nearly 14 percent from 2012’s revised forecast of $112.8 billion. Net farm income includes cash income as well as the value of inventory and other non-cash items.
“We know that today’s positive economic forecast is no signal to let up, especially with regard to providing smart and defensible assistance for America’s dairy and livestock producers who today do not have access to a viable safety net. To help all farmers and ranchers continue their efforts in the years ahead, and to ensure the certainty of a strong safety net, it is critical that Congress act on a multiyear, comprehensive Food, Farm and Jobs Bill as soon as possible,” Vilsack added.