The U.S. Ag Slump: Can We Go Any Lower?
Once you hit rock bottom, be happy because there’s nowhere to go but up. That might be the motto of the Ag industry these days. An article in Farm Journal’s MILK states that the forecast of the U.S. farmer net income is expected to rise this year. This is a first since 2013.
According to a USDA report, producers of livestock, dairy products, and crops could net $63.4 billion this year. This is a vast improvement compared to the $61.51 billion made in 2016. The report says that much of this increase is due to higher revenue from milk and livestock, and also the sales of grain bin inventory.
Agricultural economist Chad Hart of Iowa State University says that “Things aren’t getting worse, but they’re not getting better.” The article states that an income closer to the $72 billion mark would show that the economy is improving. Here’s a link to the full article.
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