The most recent Farm Income Forecast from USDA in early September provided an update on 2020 farm income projections, as well as the first estimates of state-level financial conditions in 2019. Farm cash receipts are forecast to hit a ten-year low in 2020. In 2019, gross farm income from selling crops and livestock, federal support, and other income combined were estimated at $432 billion, rising two percent from the prior year. However, that was down $52 billion from the record-high in 2013.
At the state level, farm income was highest in California at $54 billion, two percent higher than the previous year. After California, farm income was highest in parts of the western Corn Belt and Texas. Those areas have high concentrations of feed grain, oilseed, and cotton production, as well as livestock feeding operations. Farm income in Iowa rose four percent in 2019 to almost $32 billion.
After accounting for production expenses, state-level net farm income again highest once again in California at $11 billion, a nearly 30 percent drop from 2018, and 27 percent lower than the ten-year average. Similar to gross cash receipts, net farm income was highest in the western Corn Belt and the Southwest states. Ad hoc disaster assistance in 2019 totaled $22.4 billion, up 64 percent from the previous year.
(From the National Association of Farm Broadcasters)