USDA: 2018 global farm value down for the third consecutive year
Robert Johansson, chief economist for the U.S. Department of Agriculture, sees net farm income this year falling more than half of its 2013 levels.
“Today, many producers are in a different situation. Net farm income looks likely to remain more than 50% in real terms below its 2013 peak for a third year in a row,” Johansson said.
Net farm income is forecast to remain flat in the next decade. The USDA’s Economic Revenue Service projects farm income this year to be even lower, dropping to $59.5 billion.
But these estimates may still improve if global economic growth, trade, weather conditions and the farm bill pose favorably for the sector.