The USDA forecast net farm income to be $120.6 billion 2013, up 6 percent from 2012’s estimate and the second highest since 1973 after adjusting for inflation, according to its “Farm Sector & Household Income Forecast” report released on Tuesday.
“Net cash income—which measures the difference between cash expenses and the combination of commodities sold during the calendar year plus other sources of farm income—is forecast at $120.8 billion, down just over 10 percent from 2012. Even so, 2013’s forecast would be the fourth time net cash income, after adjusting for inflation, has exceeded $100 billion since 1973,” the USDA reported.
Cash receipts are expected to fall 5.5 percent on the year for crops but rise 4.0 percent for hogs. However, the value of production is expected to increase by 4.7 percent from 2012. Cash receipts for all meat animals are forecast to increase by less than 1 percent. Read more.
The USDA also projected median total farm household income at $66,989, down 2.4 percent from last year. Click here for more from the USDA.