Farm income predicted to decline slightly

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Last year set records for farm income based on several measures, and this year will be almost as good, according to USDA's Economic Research Service.

The report predicts record crop receipts this year but a reduction in livestock receipts, due mainly to the decline in beef exports. ERS predicts that average farm household income for 2004 will drop 1 percent from last year's record average of $67,453. If 2004 incomes meet the report's expectations, they will be the second highest farm household incomes on record. Average farm incomes during 2000 topped the national average for households by $8,000, and they expect farm incomes to remain above the U.S. average this year.

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USDA Economic Research Service

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