We have seen the highest increase on record for U.S. net cash farm income after the most recent report from the Economic Research Service.
The report showed corn and soybeans brought in double-digit gains. Analysts project cash receipts from the sale of crops to be 19 percent higher than last year.
“Fairly dramatic changes here. Corn is seeing a change in terms of cash receipts up 20.1 percent, soybeans are up nearly 22 percent, cotton is up nearly 4 percent, and wheat is going to be increasing over 16 percent in cash receipts,” said Spiro Stefanou, Administrator of USDA’s Economic Research Service.
While the boost in grains was welcome, experts say the big jump was seen in livestock. Economists believe cash receipts from livestock and associated products will grow even more than crops, especially eggs.
“We’re going to see dairy increasing dramatically on nearly 30 percent, cow-calf operations are up 12.1 percent, broilers are up 46 percent, and eggs are up over 100 percent,” said Stefanou.
He projects cash receipts for hogs will be even with last year. In all, it is expected that cash receipts for livestock could top 31 percent over last year.
