Farm Income Expected to Outpace the Prior 10-Year Average
Net farm income is forecasted to be $95.8 billion, $8 billion above the previous 10-year average. Although the expected net farm income is healthy, it is a 26.6% decrease from 2013's record forecast of $130.5 billion. Production expenses expected to fall for only the second time in the last 10 years.
Income Forecast Remain Above 10-year Watermark: The 2014 forecast of $95.8 billion is the lowest since 2010, but still 8.35% above the prior 10-year average of $87 billion. Net cash income is forecasted at $101.9 billion, down 21.45% from 2013. Net cash income is expected to decline less than net farm income because it reflected the sale of more than $6 billion in carryover stocks from 2013.