AGRIBUSINESS:Net farm income set to be highest in decades
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.