USDA: 2010 net farm income forecast up 12%
Net farm income in the US is forecast to be $63 bln in 2010, up $6.7 bln (11.8%) from 2009, the US Department of Agriculture predicts. Especially for livestock producers, times are expected to be better.
The 2010 forecast is $1.4 bln below the average of $64.5 bln in net farm income earned in the previous 10 years. Still, the $63 bln forecast for 2010 remains the 5th largest amount of income earned in US farming.
The top 5 earnings years have occurred since 2003, attesting to the profitability of farming this decade. Farm income exceeded $80 bln in 2004 and 2008 and topped $70 bln in 2005 and 2007.
In 2010, the economic conditions for livestock producers are expected to improve, while the economic conditions for crop producers are expected to deteriorate slightly or stabilise. Total expenses are forecast to be little changed from 2009.
Slight annual increases are expected in 2010 for poultry and egg receipts. Small increases are expected in the production of broilers (1%) and eggs (0.6%) for sale. Price increases are anticipated for broilers (0.2 cent per lb), turkeys (2.8 cents per lb), and eggs (2.3 cents per dozen).
For a complete overview of the estimates, get the forecast for farm sector income. http://www.ers.usda.gov/Briefing/FarmIncome/nationalestimates.htm
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