01/02/09 Good farm year

Economy in shambles&well, certainly not for farmers. There is now more proof that 2008 was a record setting year for the farm economy It came in the form of the United States Department of Agricultures Farm Income and cost report. (Earhart) "We're expecting nominal records for value added net cash income and net farm income." USDA Economist Earhart says net farm income is similar to the value of 2007&however, net cash income is a different story. (Earhart) "Net cash income is about 4 billion higher than 2007 and in constant dollars adjusted for inflation, net value added would be at its highest level since 1979." Expenses will also be up&15% from 2007 which follows a 9% increase the year before. (Earhart) "The projected increase for 2008 is 38.2 billion dollars and that would be one of the largest year over year changes on record." And crop receipts will set a record for the 5th consecutive year. (Earhart) "It's the largest annual change going back to the 1970's." And finally, U.S. Secretary of Agriculture Ed Schafer just made the following statement. "America's agriculture continues a positive growth - with the third-highest net cash income over the last 33 years."