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The Farm Income Forecast released by USDA-ERS projects net farm income will be $63 billion in 2010, up $6.7 billion, or 11.8% higher than 2009. The 2010 forecast is $1.4 billion below the average of $64.5 billion in net farm income earned in the previous 10 years. Still, the $63 billion forecast for 2010 would be the fifth-largest amount of income earned in U.S. farming.
In 2010, the economic conditions for livestock producers are expected to improve, according to USDA, while the economic conditions for crop producers are expected to deteriorate slightly or stabilize. Total expenses are forecast to be little changed from 2009.
Cattle cash receipts are expected to increase $2.5 billion. The annual average price for cattle is forecast to rise about $6.22/cwt. In 2010, a cheap dollar combined with a recovering global economy is expected to result in an almost 8% increase in U.S. beef exports. View the full report at http://www.ers.usda.gov/Briefing/FarmIncome/nationalestimates.htm.
