Net farm income up, cash receipts down for 2013

decrease font size  Resize text   increase font size       Printer-friendly version of this article Printer-friendly version of this article


USDA released its latest Farm Sector Income Forecast on Tuesday, predicting increases in total value of crop, livestock, dairy, and poultry production compared with 2012. Production expenses are also up, however, and lower corn prices will offset some of the benefits of what appears to be a record-large corn crop.

The report forecasts 2013 net farm income at $131.0 billion, up 15.1 percent from 2012’s estimate of $113.8 billion. After adjusting for inflation, 2013’s net farm income is expected to be the highest since 1973.

Net cash income however, is forecast at $129.7 billion, down 3.4 percent from 2012. The difference is that net farm income includes change in inventories and other adjustments. Significant volumes of crops produced in 2013 will not be sold by the end of the calendar year, so those stored crops, particularly corn, contribute to the value of inventories, which boosts net farm income but not net cash income. The total value of crop production is expected to rise nearly 6 percent in 2013.

The value of livestock production is expected to increase by 6 percent in 2013, with receipts also increasing by almost 6 percent, with the largest gains in broilers, milk, and hogs. Prices for cattle and calves have increased over those from 2012, but smaller inventories offset some of that value. The report indicates a small increase in the value of cattle and calf production from $66.5 billion in 2012 to $67.1 billion in 2013.

The report projects a $10.9-billion, or 3.2 percent increase in total production expenses in 2013. With the exception of 2009, farm production expenses have increased every year since 2002. The report projects total farm expenses at $352 billion. However, the rate of increase in expenses during 2013 is projected at less than half of the increases in 2012 and 2011, due to a slowdown in the rise of prices paid for farm inputs.

Read the full Farm Sector Income Forecast from USDA.


Buyers Guide

Doyle Equipment Manufacturing Co.
Doyle Equipment Manufacturing prides themselves as being “The King of the Rotary’s” with their Direct Drive Rotary Blend Systems. With numerous setup possibilities and sizes, ranging from a  more...
A.J. Sackett Sons & Company
Sackett Blend Towers feature the H.I.M, High Intensity Mixer, the next generation of blending and coating technology which supports Precision Fertilizer Blending®. Its unique design allows  more...
R&R Manufacturing Inc.
The R&R Minuteman Blend System is the original proven performer. Fast, precise blending with a compact foot print. Significantly lower horsepower requirement. Low inload height with large  more...
Junge Control Inc.
Junge Control Inc. creates state-of-the-art product blending and measuring solutions that allow you to totally maximize operating efficiency with amazing accuracy and repeatability, superior  more...
Yargus Manufacturing
The flagship blending system for the Layco product line is the fully automated Layco DW System™. The advanced technology of the Layco DW (Declining Weight) system results in a blending  more...
Yargus Manufacturing
The LAYCOTE™ Automated Coating System provides a new level of coating accuracy for a stand-alone coating system or for coating (impregnating) in an automated blending system. The unique  more...
John Deere
The DN345 Drawn Dry Spreader can carry more than 12 tons of fertilizer and 17.5 tons of lime. Designed to operate at field speeds up to 20 MPH with full loads and the G4 spreader uniformly  more...
Force Unlimited
The Pro-Force is a multi-purpose spreader with a wider apron and steeper sides. Our Pro-Force has the most aggressive 30” spinner on the market, and is capable of spreading higher rates of  more...
BBI Spreaders
MagnaSpread 2 & MagnaSpread 3 — With BBI’s patented multi-bin technology, these spreaders operate multiple hoppers guided by independent, variable-rate technology. These models are built on  more...


Comments (0) Leave a comment 

Name
e-Mail (required)
Location

Comment:

characters left


Harvest Map Processing™

Features & Options: Farmers harvest fields but they often don’t harvest the data. GEOSYS offers Harvest Map Processing™ as a ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form