Net Farm Income Forecast Up 10 Percent in 2008
to Record $95.7 Billion
Net farm income is forecast to be $95.7 billion in 2008,
10 percent above the $86.8 billion farmers earned in 2007
and 57 percent above its 10-year average of $61.1 billion.
Net cash income, at $101.3 billion, is forecast to be $13.9
billion (16 percent) above 2007, which was the previous
record. Net cash income is projected to rise more than
net farm income because of the carryover of 2007 crops
being sold in 2008.
The value of crop production ($188.8 billion) is forecast
to exceed the 2007 record by $38 billion, a 25-percent
increase. Prices of major crops (corn, soybeans, wheat)
were rising in late 2007 and have sustained
that momentum in 2008.
This update also includes
the initial release of the 2007 farm income accounts
for individual States.
 d
See also
- Agricultural
Income and Finance Outlook for historical estimates
and forecasts of farm sector financial information
that allows readers to gauge the financial health of
the nation's farmers and ranchers.
|
