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USDA Estimates Farm Income Down

The Economic Research Service (ERS) is forecasting that net farm income in 2009 will be $71.2 billion, a 20% drop ($18.1 billion) compared to 2008

The Economic Research Service (ERS) is forecasting that net farm income in 2009 will be $71.2 billion, a 20% drop ($18.1 billion) compared to 2008. However, 2009 will still be 9% above the previous 10-year average of $65 billion.

Net cash income is forecast at $77.3 billion, down 17% ($16.1 billion) from 2008 but 7.6% above the 10-year average of $71.8 billion.

Total farm expenses are estimated to decrease for the first time since 2002. However they will still be 9% higher than 2007, which was $20.5 billion. Government payments are forecast to decline in 2009 to the lowest level since 1997.