Changes to Income Forecast

Taylor HillmanCattle, Citrus, Corn, Cotton, Dairy & Livestock, Field & Row Crops, Forage Crops, General, Grain, Poultry, Specialty Crops, Sugar, Tree, nut & vine crops

There are more changes to the 2013 farm income forecast. Susan Carter reports.
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USDA Economic research service reports this year’s net farm income is forecast to be more than $120 billion. That’s up 6 percent from the previous estimate of just under $114 billion.

The increase is the second highest inflation-adjusted amount since 1973. The way the figures were calculated: net cash income measures the difference between cash expenses and the combination of commodities that are sold during the calendar year. This is then added to other sources of farm income. That’s how the forecast is at $120.8 billion, which is down just over 10 percent fro 2012.

The forecast reveals a return to trend yields, which would lead to record crop production levels and result in substantial year-end crop inventories.