The Outlook for U.S. Agriculture From USDA’s Chief Economist

Dr. Johansson noted that, “Farm income has fallen dramatically since 2013, falling almost 30 percent in real terms. That is the largest 4-year drop in farm income in 40 years, when real farm income fell more than 45 percent between 1973 and 1977.  We have seen record production in major commodities over the past few years, and as a result prices are down significantly.  Baseline projections show flat farm income throughout the 10-year forecast period.”