Net farm income this year is
9/1/2005

Net farm income this year is seen down $10.7 billion from last year's unprecedented highs. USDA on Wednesday forecast this year's net farm income at $71.8 billion, down about 13% from the record $82.5 billion estimated for 2004, which was up on favorable market and production conditions.

Agriculture Online
http://www.agriculture.com/ag/story

Most financial indicators for 2005 are forecast to fall between the 2003 and 2004 levels, USDA said in its Farm Income and Costs report, released Wednesday.

In the report, USDA's Economic Research Service (ERS) forecast the value of production in the US farm sector at $269.1 billion in 2005, following successive record years of $242.6 billion in 2003 and $279 billion in 2004.

Total crop revenues from cash receipts and government payments are forecast to be a record $137.3 billion in 2005, exceeding the records of $128.2 billion set in 2003 and $131.1 billion set in 2004.

Large crop supplies have contributed to market prices dropping low enough to bring government programs into play, with greatly increased payments under programs where benefits are earned per unit.


2005 follows two exceptional years
USDA noted 2003 and 2004 were both "exceptional years" for agriculture in the US. In 2004, net farm income, value of production, value-added, and net cash income all registered historic highs, substantially topping their previous highs, which were established in 2003.

Net farm income in 2003 was up 39%, value of production up 15%, net value added up 24%, and net cash income up 19%. 2004 saw record cash receipts for both livestock and crops generate a record $241 billion in total receipts.

Following are some highlights from the report:


Total 2005 cash receipts are forecast to be $239.6 billion.

Net cash income is forecast to be $85.2 billion in 2005.

The value of crop production is forecast to be down by $12.4 billion in 2005 from 2004.

Cash receipts from the crop sales are forecast down only $1.8 billion as farmers sell large quantities of inventories carried over into 2005.

Cash receipts for crops are forecast to be $116 billion in 2005, due to a decline in production and downward pressure on market prices in the latter part of 2005.

Cash receipts for livestock and products are forecast at $123.7 billion in 2005, slightly above 2004 sales of $123.5 billion and $18 billion more than the $105.6 billion in 2003.

Total production expenses are forecast to rise 4% in 2005. Purchased input costs are forecast to increase 3.5% and payments to stakeholders are anticipated to rise 7%, led by an increase in interest expenses.

Unit sales for tractors and combines are improving
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