Washington--Net farm income in the United States is forecast to plummet
38 percent to $55.9 billion this year from $90.4 billion in 2014, the largest
one-year decline since 1983, according to the U.S. Department of
The 2015 forecast for net farm income is lowest since 2002 and a drop of
55 percent from $123.3 billion in 2013. The agency’s Economic Research
Service on Tuesday cited lower crop and livestock receipts as the main
drivers of the decline.
“Crop receipts are expected to decrease by $18.2 billion, or 8.7 percent,
in 2015 led by projected declines of $8.6 billion in corn receipts and $2.7
billion in wheat receipts,” said Jeff Hopkins, ERS economist, on a
conference call. “Livestock receipts are forecast to decrease by $25.4
billion, or 12 percent, in 2015.”
Hoskins said the primary reason for lower livestock receipts is lower prices
for milk, hogs, broilers, and cattle and calves. Cash receipts increased by
43.8 percent from 2005 to 2014, but are expected to fall 12 percent in
2015 to $186.8 billion.