Southern Crop

Southern Crop

Highlights From the February 2017 Farm Income Forecast

U.S. Farm Sector Profitability – The USDA Economic Research Service (ERS) has issued an update to its 2017 outlook for net farm income which is forecast to “… increase in 2017. Net cash farm income for 2017 is forecast at $100.4 billion, up $11.2 billion (12.6 percent) from 2016. Net farm income, a broader measure of profits, is forecast at $63.4 billion, up $1.9 billion (3.1 percent) relative to 2016. The stronger forecast growth in net cash income is largely due to an additional $9.7 billion in cash receipts from the sale of crop inventories … Cash receipts are forecast to rise $14.1 billion (4.0 percent) in 2017, led by a $13.6-billion (8.4 percent) increase in animal/animal product receipts … The 2017 forecast for farm business average net cash farm income is up by 5.8 percent, with the largest increases for farms specializing in dairy (up 42 percent), hogs (up 38 percent) and cotton (up 31 percent). The only declines in average net cash income are for farms specializing in specialty crops (down 15 percent) and other livestock (less than 1 percent) … After declining for 2 consecutive years, total production expenses are forecast up $4.6 billion (1.3 percent), led by increases in expenditures on interest, hired labor, and fuels/oil … Farm asset values are forecast to increase by 4.0 percent in 2017, and farm debt is forecast to increase by 4.4 percent …”

Organization: USDA Economic Research Service (ERS)

Source: August 30, 2017 USDA ERS e-mail announcement of the availability of the latest Farm Sector Income Forecast data sets

Web site: The August 30, 2017 Highlights From the February 2017 Farm Income Forecast is posted at
http://www.ers.usda.gov/topics/farm-economy/farm-sector-income-finances/highlights-from-the-farm-income-forecast/
* Specifically, the 2017 Farm Sector Income Forecast is posted at
http://www.ers.usda.gov/topics/farm-economy/farm-sector-income-finances/farm-sector-income-forecast/

The August 30, 2017 update of the USDA ERS U.S. and State Farm Income and Wealth Statistics are available at
http://www.ers.usda.gov/data-products/farm-income-and-wealth-statistics/

The August 30, 2017 update of the USDA ERS Farm Household Income and Characteristics is available at
http://www.ers.usda.gov/data-products/farm-household-income-and-characteristics/

The USDA ERS topic page on Farm Sector Income and Finances is available at
http://www.ers.usda.gov/topics/farm-economy/farm-sector-income-finances/

The USDA ERS topic page on Farm Household Well-being is available at
http://www.ers.usda.gov/topics/farm-economy/farm-household-well-being/

Contact: Questions about the Farm Sector Income and Finances forecast may be directed to the USDA ERS Farm Income Team by e-mail at FarmIncomeTeam@ERS.USDA.gov

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