USDA’s Economic Research Service estimates U.S. net farm income will total $95.7 billion in 2008, 10 percent above last year’s figure and 57 percent above the 10-year average of $61.1 billion.

The report forecasts net cash income at $101.3 billion, 16 percent above the previous record set last year. The agency projects net cash income to rise more than net farm income because of carryover of 2007 crops sold in 2008. The value of crop production is forecast to exceed the 2007 record by $38 billion, a 25-percent increase.

USDA projects values of livestock production and livestock cash receipts to increase about 6 percent in 2008. Higher sales are projected for all livestock sectors but particularly for broilers, hogs, cattle and eggs. For more, click here.

Source: USDA