December 2, 2011
According to the U.S. Department of Agriculture (USDA) Farm Sector & Household Income Forecast report, net farm income and net cash income are forecast to rise 28 percent and 18.9 percent respectively in 2011. Net farm income is expected to match the increase recorded last year. Both net farm and net cash incomes are projected to exceed $100 billion for the first time this year.
USDA projects a 16 percent increase in crop and livestock sales by U.S. farms this year and a 12 percent increase in total production expenses, driven by increases in input costs. Total production expenses are forecast to jump about $34 billion in 2011, to nearly $320 billion. USDA also projects a 14 percent decrease in government payments from 2010.
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