Net Farm Income to Break 40-Year Record

Net farm income is expected to rise to $128.2 billion this year, the highest since 1973, according to a report by USDA Economic Research Service. Based on the report, a return to trend yields would lead to record crop production and substantial year-end crop inventories, which would lead to higher net farm income. “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,” said Agriculture Secretary Tom Vilsack. “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…I am also heartened that our farmers’ keen business sense is continuing the recent trend of strong farm finances.”