January 21, 2020

ERS Reports; Economic Report of President-Climate Change; Jobs Bill-Biofuels; and Analysis of USDA

ERS- Farm Income

The U.S. Department of Agriculture’s Economic Research Service (ERS) updated its 2010 Farm Sector Income Forecast yesterday, and noted in part that, “Net farm income is forecast to be $63 billion in 2010, up $6.7 billion (11.8 percent) from 2009. The 2010 forecast is $1.4 billion below the average of $64.5 billion in net farm income earned in the previous 10 years. Still, the $63 billion forecast for 2010 remains the fifth largest amount of income earned in U.S. farming. The top five earnings years have occurred since 2003, attesting to the profitability of farming this decade. Farm income exceeded $80 billion in 2004 and 2008 and topped $70 billion in 2005 and 2007 [see related graph].”