Source: Keith Good, FARM POLICY NEWS, UNIV. OF ILLINOIS, 2/24/17



Speaking yesterday at USDA’s Agricultural Outlook Forum in Arlington, Virginia, USDA Chief Economist Robert C. Johansson provided a broad outlook for U.S. agriculture.  Today’s update provides an overview of key aspects of Dr. Johansson’s presentation.
Farm Economics
In his speech yesterday (transcript/ slides), 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.”

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