January 24, 2020

USDA Reports; CFTC Issues; and Crop Insurance

USDA Reports

The U.S. Department of Agriculture released three reports yesterday highlighting several important variables in the U.S. and global agricultural economy.

The USDA’s Economic Research Service (ERS) released its 2009 Farm Sector Income and Costs Forecast, which stated that, “Net farm income is forecast to be $71.2 billion in 2009, down $18.1 billion (20 percent) from the preliminary estimate of $89.3 billion for 2008 [related graph]. Still, $71.2 billion would be 9 percent above the average of $65 billion earned in the previous 10 years.”