USDA: U.S. Farm Income Forecast 2010

Sep 06, 2010

Net Farm Income Forecast Up 24 Percent in 2010

Net farm income is forecast to be $77.1 billion in 2010, up $14.9 billion (24 percent) from 2009. The 2010 forecast is $12.3 billion above the average of $64.8 billion in net farm income earned annually in the previous 10 years and is the fourth largest amount of income earned in U.S. farming. Cash receipts are expected to increase 6.5 percent, due mainly to higher livestock receipts.

Farm business equity (assets minus debt) is expected to rise by 3.5 percent, largely due to an expected 2.9-percent increase in the value of farm business real estate and a 4.2-percent decline in farm business debt. The farm business sector's debt-to-asset ratio is expected to decline to 11.2 percent and debt-to-equity is expected to decline to 12.6 percent in 2010, indicating an improvement in the farm sector's solvency.

Average Farm Household Income Also Forecast Up in 2010

The average family farm household income is expected to be up by 5.8 percent in 2010, to $81,670. Both farm and off-farm income are forecast to be up in 2010, compared to 2009. In 2010, the average family farm is forecast to receive 11.1 percent of its household income from farm sources, with the rest from earned and unearned off-farm income.

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Source: USDA

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