USDA Publishes 2013 Farm Income Forecast: Net Farm Income Positive
By Amanda Brodhagen, Farms.com
The U.S Department of Agriculture released its 2013 Farm Income Forecast, which was positive news as net farm income is projected to increase by nearly 14 per cent this year. The figure, after adjusting for inflation, the 2013 net farm income outlook is at $128.2 billion. This figure is the highest since 1973.
The U.S. Agriculture Secretary Tom Vilsack responds on the positive forecast. "Today's forecast for the strongest net farm income in four decades is another positive testament to the resilience and productivity of U.S. farmers and ranchers. American agriculture continues to endure an historic drought with tremendous resolve, and last year was an important reminder of the need for a strong safety net. The commitment of American producers to embrace innovation and adapt to new challenges has helped fuel growth for American agriculture over the past five years. I am also heartened that our farmers' keen business sense is continuing the recent trend of strong farm finances, with farm equity set to reach another record high in 2013. In the past year, President Obama and I have ensured that USDA carried out every possible measure to support farmers and ranchers in a tough, uncertain time. We know that today's positive economic forecast is no signal to let up, especially with regard to providing smart and defensible
assistance for America's dairy and livestock producers who today do not have access to a viable safety net. To help all farmers and ranchers continue their efforts in the years ahead, and to ensure the certainty of a strong safety net, it is critical that Congress act on a multiyear, comprehensive Food, Farm and Jobs Bill as soon as possible,” says Vilsack.
The following are some highlights from the report:
•2013 forecast will be only the fourth time that net cash income (after adjusting inflation) has exceeded $100 billion
•Farm assets, debt, and equity are all expected to increase in 2013 – with farm real estate being the driving force
•Median total farm household income expected to increase by 1.2 per cent (2012) and an additional 1.9 per cent (2013)