A USDA report says net U.S. farm income is forecast to be $56.2 billion in 2006, down from $72.6 billion in 2005 but slightly above its 10-year average of $55.7 billion.

Net cash income is forecast to be $64.8 billion in 2006, following the 2004 record of $85.5 billion and $82.8 billion in 2005.

The projected income decline results from several income and expense factors. Production values are forecast to be down $2.3 billion for crops and $2.9 billion for livestock, about 2 percent for each. Government payments are forecast to decline by $4.5 billion.

To read more from the farm income forecast, follow this link.

USDA/ERS