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USDA sharply revises farm income forecasts

usda seal logoThe Department of Agriculture this week changed its forecast for 2016 all net cash farm income to $94.1 billion, up from its initial projection of $90.9 billion in February. While USDA increased the estimate, net cash farm income remains 13.3 percent lower compared to 2015. The net farm income forecast for 2016 in February was revised up to $71.5 billion from $54.8 billion but still down 11.5 percent from last year. Pro Farmer reports that for the second year in a row, USDA noted production expenses were down in 2016. Net farm income for 2015 was revised up significantly to $80.7 billion, an increase of 43 percent from the numbers released in February. Agriculture Secretary Tom Vilsack said the forecast highlights the ability of farmers to “plan ahead and make sharp business decisions in a challenging market.”

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