Good news for farm incomes

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In its 2010 Farm Income Forecast report released yesterday, USDA’s Economic Research Service projects net farm incomes to total $63 billion in 2010, up $6.7 billion or 11.8 percent from 2009. The 2010 forecast is $1.4 billion below the average of $64.5 billion in net farm income earned in the previous 10 years. Still, the $63 billion forecast for 2010 remains the fifth largest amount of income earned in U.S. farming.

In 2010, the economic conditions for livestock producers are expected to improve, while the economic conditions for crop producers are expected to deteriorate slightly or stabilize. Total expenses are forecast to be little changed from 2009.

In 2009, average family farm household income is forecast to be $76,258, down 3.2 percent from 2008 and 6.5 percent below the 5-year average for 2004-08. The average family farm household income is expected to be up by 5.9 percent in 2010, to $80,766.

Both farm and off-farm incomes are forecast to be up in 2010, compared to 2009. In 2010, the average family farm is forecast to receive 10.3 percent of its household income from farm sources, with the rest from earned and unearned off-farm income

Full report.

Source: USDA-Economic Research Service

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