The U.S. Department of Agriculture (USDA) has offered a bit of good news for the nation’s agricultural outlook, modestly increasing its estimate of U.S. net farm income in 2019. Based on data released in November, the USDA now projects net farm income at $92.5 billion in 2019. Accounting for inflation, that figure represents an increase of more than 8 percent over 2018.
- USDA increased its 2019 estimate of farm income to $92.5 billion
- Payments from the Market Facilitation Program (MFP) helped support the increase in net farm income
- Cash receipts for dairy and vegetables improved from 2018, while beef, fruits and nuts and soybean receipts declined
- Production expenses have largely stabilized this year, which has also helped support net farm income