2013 farm income forecast at $128.2 billion
February 11, 2013 | 06:31 PM
After adjusting for inflation, 2013’s net farm income, forecast at $128.2 billion, is expected to be the highest since 1973, the Agriculture Department’s Economic Research Service reported today in its 2013 farm income forecast.
A return to trend yields would lead to record crop production levels and result in substantial year-end crop inventories, ERS said, adding that this would lead to higher net farm income, since this measure goes beyond cash income to include the value of inventory change and other noncash items.
Agriculture Secretary Tom Vilsack said the forecast is another “positive testament to the resilience and productivity of U.S. farmers and rancher,” but also called for passage of a new farm bill.
