ERS Expecting Best Net Farm Income in Decades
For 2013 - after adjusting for inflation - USDA's Economic Research Service is expecting the highest net farm income in four decades. The 2013 net farm income forecast is 128.2-billion dollars - up nearly 14-percent from 2012's revised forecast of 112.8-billion. Net cash income is projected to decline nearly nine-percent from 2012 - and expenses are expected to be the highest on record at 353-billion dollars. According to ERS - a return to trend yields would lead to record crop production levels and result in substantial year-end crop inventories - leading to higher net farm income. Agriculture Secretary Tom Vilsack called the forecast another positive testament to the resilience and productivity of U.S. farmers and ranchers.
According to Vilsack - the commitment of American producers to embrace innovation and adapt to new challenges has helped fuel growth for American agriculture over the past five years. But to help all farmers and ranchers continue their efforts in the years ahead - and to ensure the certainty of a strong safety net - Vilsack says it is critical that Congress act on a multiyear, comprehensive Food, Farm and Jobs Bill as soon as possible.
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