The recent projections of farm income released by USDA’s Economic Research Service in their 2017 Farm Sector Income Forecast suggest that while farm income may have hit rock bottom in 2016, there will be an uptick in both net farm and net cash income in 2017 American Farm Bureau. Federation Chief Economist Dr. Bob Young says livestock sales are driving the slight increase.
Forecasts for both livestock and crop cash receipts are promising. Livestock cash receipts will increase by 4.8 percent and crop cash receipts will increase by 1.6 percent in 2017. With an increase predicted though, Dr. Young cautions that the year’s overall farm income is hard to predict.
Given recent projections, Young offers this planning advice to farmers.
That’s AFBF chief economist Bob Young.
by the American Farm Bureau Federation
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