January 23, 2020

ERS 2009 Farm Sector Income Forecast; Climate Issues; and SNAP (Food Stamp) Issues

Editor’s Note: Happy Thanksgiving, FarmPolicy will return on Friday.

ERS 2009 Farm Sector Income Forecast

The U.S. Department of Agriculture’s Economic Research Service (ERS) updated its 2009 farm sector income forecast yesterday.

ERS stated that, “Net farm income is forecast to be $57 billion in 2009, down $30 billion (34.5 percent) from 2008. The 2009 forecast is $6.5 billion below the average of $63.6 billion in net farm income earned in the previous 10 years. Still, the $57 billion forecast for 2009 remains the eighth largest amount of income earned in U.S. farming. The top five earnings years have been tightly grouped between 2003 and 2008, attesting to the profitability of farming this decade” [see related graph-net farm income 1998-2009f].