News

Net farm income down 21 percent

USDA says U.S. net farm income for 2014 will be down 21 percent from last year, dropping from 123 billion to 97 billion dollars.

Higher production expenses are the main driver of the drop in net farm income. Total production expenses are forecast to increase almost six percent in 2014 extending a four-year upward trend in expenses.

Crop receipts are expected to decrease by 12 percent in 2014, led by declines in corn and soybean receipts, while livestock receipts are forecast to increase by 14 percent, largely due to record prices for beef cattle and milk.