Items Tagged with 'farm income'

USDA’s latest forecast for farm earnings estimates that net farm income will be down 6.3% this year to $140.7 billion, when adjusted for inflation. USDA estimates net cash farm income will be 3.5% lower this year at $158.8 billion.

USDA releases its latest forecast for farm income today, even as lawmakers discuss a possible package of assistance for producers.

The farm economy is in much better shape than feared at the beginning of the year, according to USDA’s revised farm income forecast. USDA now estimates that net farm income will decline by 7% and remain above the 20-year historical average. Back in February, USDA had projected net farm income would plummet by nearly 26%. 

A panel of farmers, retailers and lenders on Tuesday urged lawmakers to pass a new farm bill by the end of this year, saying the legislation would help offset the falling crop prices, high production costs and rising interest rates producers are expected to see in the year ahead.

The number of farms in the U.S. fell 7% over five years to about 1.9 million in 2022, and the average age of U.S. farmers rose slightly to 58.1, according to the latest Census of Agriculture. 

The Department of Agriculture is projecting farmers will experience their second consecutive year of a sizable drop in net income.

Ag Secretary Tom Vilsack used his speech at the American Farm Bureau Federation’s annual convention to roll out more than $200 million in loans and grants through programs meant to bolster American production of fertilizer and renewable energy.

Global demand requires that the world add more than 20 million acres to crop production over the next five years, agricultural economist Dan Basse told attendees of the American Seed Trade Association’s annual field crop convention in Orlando Wednesday.