On Tuesday USDA raised its forecast of 2010 U.S. net farm income to $81.6 billion, up from $77.1 billion in its previous forecast on August 31.
"Today's farm income report shows that America's farmers and ranchers are helping to lead the country's economic recovery," said Secretary of Agriculture Tom Vilsack. "All three measures of farm sector earnings have experienced a rapid rebound in 2010 and other indicators such as farm asset values point to a sustainable recovery. According to today's numbers, farmers are earning 31% more for their products than they made last year. And it is making a real difference for America's farm families, whose household income should rise 7.8% in 2010 from 2009. That's good economic news for rural America as our national economy continues to gain strength."
The revised 2010 net farm income forecast is 26% above the previous 10 year average of annual net farm income.
"A combination of factors has made these numbers possible including the successful implementation of the 2008 Farm Bill, the Obama Administration's Recovery Act, and increased exports in the agricultural sector, which was already one of the only major sectors of the economy with a trade surplus," Vilsack said. "The dedication of our farmers and ranchers is second to none. They have worked hard keep their debt low and to capitalize on a broader economic recovery. And their willingness to adapt, innovate and embrace new research and technologies has ensured their success for decades and ensures they will remain resilient in the years to come."
The Farm Income Forecast can be found HERE.