U.S. Net Farm Income Forecast to Increase 6 Percent in 2013
The USDA's 2013 Farm Income Forecast expects U.S. farm income to hit its highest total since 1973
According to results of the USDA’s “2013 Farm Income Forecast,” the United States net farm income in 2013 is forecast to hit $120.6 billion, up 6% from 2012’s estimate of $113.8 billion.
After adjusting for inflation, the $6.8 billion projected increase to $120.6 billion would bring the nation’s net income to its highest total since 1973. Much of this year’s farm success could be attributed to the expected record corn yields in 2013, as farmers have battled adverse conditions to successfully get healthy corn in the ground and harvested.
United States Agriculture Secretary Tom Vilsack says in a recent press release, “This week's forecast of a $6.8 billion increase in net farm income is a testament to the resilience and productivity of U.S. farmers and ranchers, and a further sign of the positive momentum they have achieved over the past five years. A six percent increase in this key measure would be the second highest inflation-adjusted amount since 1973, even as agriculture has worked hard to recover from an historic drought and other disasters. I am confident that our farmers and ranchers will continue to show the determination and innovation that has been the hallmark of American agriculture for generations.”
Despite adverse farming conditions across most of the country in 2013, the net farm income in 2013 is expected to hit its highest total since 1973, according to the USDA.