Farm income trend looks to continue in 2017

Speaking at the 93rd Annual USDA Agricultural Outlook Forum in Arlington, Va., a trio of farm economists offered a somewhat gloomy picture of the farm economy for the year ahead, although one not unlike the trends observed in recent years. Net farm income is projected to drop almost $6 billion in 2017, tumbling primarily on decreases in the crop sector to a $62.3 billion total. The drop is a decrease of about 8.7 percent, the fourth consecutive year of declines after record highs were observed in 2013. If realized, the projected figure would be the lowest since 2002. The potential saving grace for farm families could be a projected bump in farm household income, which also includes income into off-farm enterprises. Median farm household income is projected to rise about 3.4 percent to $79,733.