It may not come as a news flash, but farm incomes for 2009 are projected to be headed lower.
Last week, USDA officials announced their projections from the year ahead. Among the expectations are that 2009 farm income will drop 20 percent from last year's level. Among the leading reason cited is lower commodity prices. Even then, USDA projects that net farm income is still projected to come in 9 percent higher than the 10-year average.
The global economic recession will weigh on the livestock sector, say USDA officials. Having the most significant impact on the sector is the slumping export demand for meat and dairy products.
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Source: Reuters, USDA-Economic Research Service