Net farm income is forecast by the USDA to rise 15.1% over 2012 to $131B in 2013. However, net cash income is expected to be marginally lower by about 3% to $129.7B due to higher year-end inventories. Even adjusted for inflation, this is higher than the historical norm.
Sector rebounds from the 2012 drought
Farm incomes are seeing a boost from the higher productivity seen in crops, livestock, dairy and poultry after the sector bounced back strongly from the effects of the 2012 drought.
“Not all crops produced in 2013 will be sold by the end of the 2013 calendar year; we anticipate substantial increases in the annual quantity...
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