U.S. farm income forecast to plunge in 2009.
U.S. farm income forecast to plunge in 2009: U. S. farm income this year is forecast at $54 billion for 2009, a plunge of $33.2 billion, or 38 percent, from the preliminary 2008 estimate due to lower commodity prices for crops and livestock, according to USDA. The 2009 forecast was $9 billion below the average of $63.2 billion in net farm income earned in the previous 10 years.
One positive in the farming sector is that expenses are forecast to decline from a record high posted last year, marking the first time costs have dropped since 2002.
|Printer friendly Cite/link Email Feedback|
|Title Annotation:||NEWS & COMMENT|
|Comment:||U.S. farm income forecast to plunge in 2009.(NEWS & COMMENT)|
|Publication:||The Food & Fiber Letter|
|Article Type:||Brief article|
|Date:||Sep 7, 2009|
|Previous Article:||Economist predicts food price inflation will return to normal levels in 2010.|
|Next Article:||EU's population reaches 500 million.|