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Rick Worthington Farm Income Report
by Rick Worthington, click here for bio

Program: Farm and Ranch Report
Date: December 07, 2018

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Farm Income Report

Farm income in 2018 is expected to decline... That according to the latest income forecast.

Rob Johansson is with the USDA has the numbers from the USDA forecast for 2018 farm income.

Farm sector net farm income in 2018 is expected to decline $9.1 billion (12.1%) from 2017 to $66.3 billion, according to the Economic Research Service's latest income forecast. Although down for the year, it was up from the agency’s previous estimate in August.

Farm sector net cash income in 2018 is expected to decline $8.5 billion (8.4%), to $93.4 billion, which would be the lowest real-dollar level since 2009. Net cash farm income encompasses cash receipts from farming as well as farm-related income, including government payments, minus cash expenses. Net farm income is a more comprehensive measure that incorporates noncash items, including changes in inventories, economic depreciation, and gross imputed rental income of operator dwellings.

Thee are some other not very pleasant numbers to report...Farm debt is forecast to increase by $16.4 billion (4.2%), led by an expected 5.4-percent rise in real estate debt.

Working capital is forecast to decline 31% from 2017.

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