For 2013, after adjusting for inflation, USDA’s Economic Research Service is expecting the highest net farm income in four decades.
The 2013 net farm income forecast is $128.2 billion, up nearly 14% from 2012’s revised forecast of $112.8 billion.
Net cash income is projected to decline nearly 9% from 2012, and expenses are expected to be the highest on record at $353 billion.
According to ERS, a return to trend yields would lead to record crop production levels and result in substantial year-end crop inventories, leading to higher net farm income. Agriculture Secretary Tom Vilsack called the forecast another positive testament to the resilience and productivity of U.S. farmers and ranchers.