Home / News / Business news / 2013 farm income outlook bright -- USDA

2013 farm income outlook bright -- USDA

02/11/2013 @ 11:02am

Income on U.S. farms is expected to climb this year as crop production grows following last summer's deep drought, federal forecasters said Monday.

The U.S. Department of Agriculture forecasts net farm income to be $128.2 billion in 2013. That would be an all-time, nominal high and the highest since 1973 on an inflation-adjusted basis.

Forecasters said they expect production to climb from last year, with volumes from larger harvests offsetting price declines. The USDA projections assume crop production will return to historic levels after last year's drought.

The agency also expects a climb in the value of livestock, poultry and dairy production, up 3.5% from 2012 as prices on average rise.

As part of Monday's forecast, the USDA lowered its estimates for 2012 farm income by around 1% from its November outlook to $112.8 billion.

Still, much of the year ahead depends on weather. The Great Plains remain locked in a deep drought, while dry conditions have eased in some parts of the Midwest such as Illinois and Indiana.

Write to Mark Peters at mark.peters@dowjones.com
(END) Dow Jones Newswires
February 11, 2013 11:53 ET (16:53 GMT)
DJ USDA: U.S. Farm Income Seen at $128.2 Billion in 2013, 13.6% Above 2012->copyright

CancelPost Comment

Income 02/11/2013 @ 11:58am Oh yeah our income would be great as long as the USDA stops lying,cbot stops catering to investors and actually Looks out for the farmers who's crops they trade and is the reason they have a job then we might have a chance.

Report Abuse Reply

More Pig Losses Seen, Smithfield Says By: 05/14/2014 @ 7:55am The swine industry is struggling to contain a deadly virus that's sweeping U.S. hog farms…

Senators Turn Up Heat on Railroad Companies By: 05/13/2014 @ 11:39am Four Midwestern U.S. senators add their voices to a growing chorus of farmers, ethanol producers…

Summary of Friday's WASDE Report By: 05/09/2014 @ 2:53pm The following table is provided as a service to Wall Street Journal subscribers in conjunction…

This container should display a .swf file. If not, you may need to upgrade your Flash player.
Ageless Iron TV: Tractors at War