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.