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Tag Archives: farm income

STEEP FARM INCOME DECLINE FORECAST

U.S. farm incomes will decline 36%t this year to the lowest level in nine years, the Agriculture Department projected Tuesday, reflecting a continued slump in crop prices and recent weakness in the dairy and hog markets. Net farm income will drop to $58.3 billion from $91.1 billion in 2014, the Wall Street Journal reports.

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FARM PROFITABILITY

According to USDA’s Economic Research Service, 79% to 86% of retirement, off-farm occupation, and low-sales farms are in the “red zone”, indicating a very low return to farming. The share of farms in the red zone drops rapidly for the remaining family farm types, those with moderate sales and higher.

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FARM INCOME

In 2012, nearly 70% of farm sole proprietors reported a farm loss, totaling almost $24 billion. The remaining farms reported profits totaling $18.2 billion in 2012, the latest year for which complete data are available from the U.S. Internal Revenue Service.

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CASH INCOME DOWN

After historically high average Net Cash Farm Income (NCFI) in 2012 and 2013, average NCFI is expected to decline 22.7% in 2014F – 15F for U.S. farm businesses (defined as farms with annual gross cash farm income greater than $350,000), the lowest level since 2010-11.

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NET FARM INCOME

USDA’s Economic Research Services estimated Tuesday (ERS) that net farm income will fall from $108 billion last year to $73.6 billion in 2015, a decline of almost 32 percent. Net farm income reached a record high of $129 billion in 2013.

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FED CONFERENCE

On November 17, 2014, the Federal Reserve Bank of Chicago will hold a conference to examine the role of farm income in the Midwest economy.

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AG CONDITIONS

Tighter profit margins for crop producers were a drag on farm income in the Kansas City Federal Reserve District during the first quarter of 2014, reports the bank’s quarterly Survey of Agricultural Credit Conditions. However, the livestock sector showed improved profitability.

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