Farm Income Forecast High, But Economists Have Doubts
The USDA’s latest farm income forecast showed numbers are up nearly five percent this year but farm economists don’t think the odds are that good.
The income projection shows a nearly twenty billion dollar increase in income projections since last March. American Farm Bureau economists say the report includes income from trade aid and insurance payouts that have yet to be delivered, making some say it’s over-optimistic.
Newton says everyone is still reeling from the trade war and the evidence is in the numbers. After four to five years of a depressed farm economy, farmers continue to see a drop in how much their land is worth. The projection also shows farm operating expenses are down but newton says it’s because farmers have less money, so they’re buying fewer inputs.
To see the full income projection report you can visit USDA.Gov
Report by Corryn LaRue