Farm income estimated to drop 38%

The USDA is forecasting net farm income to fall to $55.9 billion this year compared to an estimated $90.4 billion in 2014. This 38% drop from 2014 is the largest single-year drop since the 1980s.

According to the USDA’s Economic Research Service’s “2015 Farm Income Forecast” report, lower crop and livestock receipts are the main reasons for the decline in 2015. Crop receipts are estimated to decline by $18.2 billion (8.7%), led by declines of $8.6 billion in corn receipts, $5.7 billion in soybean receipts and $2.7 billion in wheat receipts.

Livestock receipts are forecast to decrease by $25.4 billion (12%) this year. Government payments are projected to rise $1.0 billion (10.4%) to $10.8 billion in 2015. 

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