@USDA: Crop and livestock net income could be $63.4 billion in 2017

Photo credit: Bob Berwyn

From KUNC (Luke Runyon):

The latest figures from the U.S. Department of Agriculture expect farmers to bring in more money this year than initially projected. Crop and livestock producers could net $63.4 billion in 2017. That would be an increase of nearly $1 billion from 2016, and would be the first time farmers see a rise in net farm income year-to-year since 2013.

Low commodity crop prices have caused the farm income number to slip for years, leaving some analysts to wonder when the income figures would hit bottom. This year’s projection shows at least a stabilization, if not a full rebound…

Many commodity crop farmers are still staring down low prices and hoping merely to break even during the 2017 growing season. Still, [Todd Kuethe] says these new projections should tamp down some fears of a farm economy collapse…

The slight boost in the projection primarily comes from livestock producers, who are enjoying the low prices for the crops they use as feed.

The August 2017 projections are still subject to change, Kuethe says. Final net farm income figures for the year won’t be available until midway through 2018.

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