USDA’s latest estimate forecasts 2013 net farm income at $120.6 billion. After adjusting for inflation this would be the second highest level since 1973. Secretary of Agriculture Tom Vilsack said, “This week’s forecast of a $6.8 billion increase in net farm income is a testament to the resilience and productivity of U.S. farmers and ranchers, and a further sign of the positive momentum they have achieved over the past five years.”
USDA is forecasting the value of livestock, dairy, and poultry production to increase over 5 percent in 2013. Also, USDA is estimating agricultural exports to reach a record $140 billion.