In this file:
· Farm Income Drops 50 Percent In Four Years
· Farm Belt Braces for Falling Incomes, Trade Disputes
Farm Income Drops 50 Percent In Four Years
By Ashley Davenport, Farm Journal Broadcast, Multimedia Editor
via AgWeb - February 8, 2018
During an address of the House Agriculture Committee earlier this week, Agriculture Secretary Sonny Perdue called the farm economy “fragile,” and the latest net farm income forecast is reflecting that.
In the first forecast of 2018, the U.S. Department of Agriculture (USDA) is predicting farm profits to dwindle 6.7 percent to $59.5 billion, which is the lowest it’s been since 2006.
In the last four years, net farm income has plummeted roughly 50 percent. Factoring in inflation, the 2018 forecast could be the worst year since 2002.
“Credit conditions are going to be similar to what they were last year,” said Ashley Arrington, founder of AgriAuthority. “Bankers are still going to up the ante and ask for more information because of how the climate has been the past couple of years.”
This report could put more pressure on lawmakers to get to work on the 2018 farm bill...
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Farm Belt Braces for Falling Incomes, Trade Disputes
U.S. farmers are gearing up for another tough year.
Farm incomes are expected to hit their lowest point since 2006 and borrowing costs are rising, federal data shows, as a deepening slump in the agricultural economy enters its fifth year.
The U.S. Department of Agriculture on Wednesday forecast that farm incomes would fall 7% to $60 billion in 2018 on lower crop and livestock revenue, less than half of the record $124 billion farmers earned in 2013. Farmers are already borrowing more to keep farms running, the Federal Reserve Bank of Kansas City said last week. The bank said lending at agricultural banks jumped in the fourth quarter of 2017 compared with a year earlier, fueled by large farm loans.
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