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USDA Forecasts Record Net Farm Income for 2012

Posted on 8/30/2012

U.S. net farm income and net cash income are expected to achieve record highs in 2012, according to a farm income forecast report by the USDA's Economic Research Service. The report predicts that net farm income will exceed $122 billion this year, up 3.7 percent from last year, and that net cash income will top $139 billion, up 3.4 percent from 2011. The report underscores the important role of federal crop insurance in the success of the farm sector.

"The expected increase in income reflects large price-led gains in corn and soybean receipts as well as large increases in crop insurance indemnities," the report highlights said. "Crop farm gains should be more than enough to offset livestock farmers' higher feed expenses and a decline in sales of wholesale milk."

The report also notes that farm equity is expected to increase to an all-time high of almost $2.3 trillion. "Farm asset growth in 2012 is expected to exceed increases in farm debt as increases in the value of farm real estate and financial assets more than offset an anticipated rise in nonreal estate debt," the report said.

To read the report Highlights visit: http://www.ers.usda.gov/topics/farm-economy/farm-sector-income-finances/highlights-from-the-2012-farm-income-forecast.aspx


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