Farm income expected to be down
By Diego Flammini, Farms.com
Despite the fact that the USDA’s Economic Research Center is reporting that crop receipts are expected to be down $12.9 billion in 2015, Agriculture Secretary Tom Vilsack remains confident about the agricultural sector in the United States.
"(The) farm income forecast is heartening for all Americans. The past several years have seen unprecedented highs in farm income, and despite the fact that farm income is forecast to be down from record levels, (the) projections provide a snapshot of a rural America that continues to remain stable and resilient in the face of the worst animal disease outbreak in our nation's history and while the western United States remains gripped by drought,” he said.
Other highlights from the 2015 farm income forecast include:
- Net cash income is forecast to be at $100.3 billion, down nearly 21% from 2014
- Net farm income is expected to be $58.3 billion, down 36% from 2014
- Corn receipts are estimated to be down $7.1 billion from the previous year
- Soybean receipts could be down $3.4 billion and wheat down $1.6 billion from 2014
Vilsack praised American farmers for their dedication to agriculture despite adverse growing conditions, volatile market prices and trade opportunities.
"The American agriculture success story is not celebrated often enough. That success is due, in part, to U.S. farmers' bold willingness to seize opportunities in new markets, both domestic and foreign, and harness the best of American technology and innovation.”
Join the conversation and tell us your thoughts on the information in the 2015 farm income forecast. Does it change the way you run your farming operation?