USDA Forecasts Increase in Farm Income

On Wednesday, the USDA predicted a slight increase in farm income for 2017, reversing three years of major decline. The August update of the farm income forecast predicts net cash farm income for 2017 at $100.4 billion, up 12.6% from last year.  Net farm income, a broader measure of profits, is forecast to increase 3.1% to $63.4 billion this year.  USDA said the stronger forecast growth in net cash income is largely due to an additional $9.7 billion in cash receipts from the sale of crop inventories.

The net cash farm income measure counts those sales as part of current-year income while the net farm income measure counted the value of those inventories as part of prior-year income.  However, that predicted increase is still lower than every year from 2010 to 2015. During that period, net farm income peaked in 2013 $131.3 billion.

If you have a story idea for the Washington Ag Network, call (509) 547-1618, or e-mail gvaagen@cherrycreekradio.com