ERS: net farm income in 2017 could be lowest since 2002

The Agriculture Department’s Economic Research Service said Feb. 7 that net cash farm income is expected to rise in 2017, but net farm income, another measure, is expected to decline by 8.7 percent to $62.3 billion, the fourth consecutive year of declines after reaching a record high in 2013.

“If realized, net farm income in 2017 will be the lowest since 2002, in inflation-adjusted terms,” ERS said.

After declining for two consecutive years, the forecast for 2017 total production expenses is flat, with farm-origin expenses (including feed, livestock and seed) down 2.6 percent as a group, the report said.

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Farm asset values are forecast to decline by 1.1 percent in 2017, and farm debt is forecast to increase by 5.2 percent. ❖