USDA Predicts Net Farm Income Increase

A new forecast from the Department of Agriculture predicts net farm income will increase ten percent in 2019. The forecast from the USDA Economic Research Service predicts net farm income will increase $6.3 billion in 2019 to $69.4 billion, following a 16 percent decline in 2018. Meanwhile, net cash farm income is forecast to increase $4.3 billion, or 4.7 percent, to $95.7 billion. In inflation-adjusted 2019 dollars, net farm income is forecast to increase $5.2 billion, and net cash farm income is forecast to increase $2.7 billion. Overall, farm cash receipts are forecast to increase $8.6 billion to $381.5 billion in 2019. Crop cash receipts are forecast to be $201.7 billion in 2019, an increase of $4.0 billion. Total animal and animal product receipts are expected to increase $4.6 billion. Receipts for milk, cattle/calves, corn, and fruits/nuts are forecast to increase largely due to expected higher prices for those commodities.