The Department of Agriculture expects net farm income in 2017 to drop 8.7 percent, compared with 2016. For 2017, the USDA Economic Research Service predicts net farm income will fall to $62.3 billion, down 49.6 percent from the 2013 record high of more than $120 billion. Following several years of record highs, net farm income trended downward from 2013 to 2016. Net farm income is a conventional measure of agricultural sector profitability that is used as part of the U.S. Gross Domestic Product calculation. The expected decline in 2017 net farm income is driven by a forecast reduction in the value of farm production.
Crop value of production is forecast down $9.2 billion, or 4.9 percent, while the value of production of animals and animal products is forecast to decline by less than $1 billion, or .5 percent.
Source: NAFB News Service