Farm income forecast up 31%, to all-time record

The Department of Agriculture's Economic Research Service projects U.S. farm income will reach a record $81.6 billion this year, up 31 percent from 2009 and 26 percent higher than the last decade's average of $64.8 billion, Bob Meyer of Brownfield reports.

"The value of livestock production in 2010 is expected to be up 16.6 percent compared to 2009 led by a 29.6 percent increase in dairy products, 16.4 percent improvement in meat and 9.9 percent increase in poultry and egg value," Meyer writes. "Crop production value is projected at 3.1 percent higher thanks to strong gains in corn, soybean and cotton receipts." USDA projects a 1.5 percent increase in government payments from 2009 to $12.4 billion. (Read more)

The latest  DTN/The Progressive Farmer Agribusiness Confidence Index also reports, "As the 2010 harvest wrapped up, outlook among American agribusinesses has become even more optimistic," Pat Hill of DTN writes. Rising corn and soybean prices combined with good weather, led to a quick harvest and more cash for farmers, Hill reports. The index combines comments from 100 agribusinesses in 23 states "about current and future sales of products and services to farmers and ranchers, current and future profitability and overall business prospects for the next 12 months." (Read more)