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February 17, 2012   Email to Friend 

FARM INCOME FORECAST TO DROP SHARPLY IN 2012
USDA Office of Communications
February 17, 2012

In its first income forecast for 2012, the United States Department of Agriculture predicted net farm income at $91.7 billion, down $6.3 billion or 6.5 percent from the 2011 forecast. Net cash income, at $96.3 billion, is forecast down $12.5 billion or 11.5 percent from 2011, but would remain $15.9 billion above the 10-year average (2002-2011) of $80.3 billion.

Crop receipts are expected to experience a slight increase in 2012. A marginal decline is anticipated for 2012 U.S. livestock sales.

Increases in sales of corn, most other feed grains and peanuts are predicted to offset declines in wheat, hay, vegetables/melons and fruits/tree nuts. The 2011 drought is expected to depress 2012 sales of many crops.

Sales of red meats are anticipated to remain high, while a price-led decline in milk sales is forecast.

Total production expenses are forecast to rise $12.5 billion (3.9 percent) in 2012 to $333.8 billion. The major 2012 crop-related expenses (seeds, fertilizer, pesticides) are projected to increase moderately (around 1 percent) as a group while the key livestock-related expenses (feed, livestock/poultry purchases) are forecast to rise 2.1 percent.

To view the full USDA report, visit http://www.ers.usda.gov/Briefing/FarmIncome/nationalestimates.htm.


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