Via the University of Illinois' Farm Policy News, Sept. 2 (emphasis in original):
2019 Farm Sector Income Forecast, August
The USDA’s Economic Research Service (ERS) indicated on Friday that, “Net farm income, a broad measure of profits, is forecast to increase $4.0 billion (4.8 percent) from 2018 to $88.0 billion in 2019. Net cash farm income is forecast to increase $7.6 billion (7.3 percent) to $112.6 billion.”
“2019 Farm Sector Income Forecast,” August 30, 2019 (USDA-ERS).
Before getting into details of the 2019 farm income forecast, a segment on Friday by Stephanie Ho, of USDA Radio News, pointed out that the latest ERS forecast included a significant revision to its 2018 farm income forecast based on data of actual activity.
USDA Deputy Chief Economist Warren Preston explained in the radio interview that, “In March of this year, we had estimated net farm income for the United States at $63.1 billion. With [Friday’s] release, we are now estimating 2018 net farm income at $84.0 billion.”
Dr. Preston noted that, “Primarily, there were reductions in feed, net rent, agricultural labor and the capital depreciation that reduced those production expenses for 2018.”
U.S. net farm income (NFI) in 2018: March 2019 forecast vs. August 2019 estimate (USDA-ERS).
With respect to 2019, Friday’s ERS update explained that, “In inflation-adjusted 2019 dollars, net farm income is forecast to increase $2.5 billion (2.9 percent) and net cash farm income is forecast to increase $5.8 billion (5.4 percent)........MUCH MORE
