Agriculture Secretary Tom Vilsack says the farm income and financial forecasts for 2016 shows net cash farm income forecast at $90.1 billion and net farm income at $66.9 billion. Net cash farm income is expected to fall 14.6 percent while net farm income is forecast to decline by 17.2 percent.
SDSU Extension Risk Business Management Specialist Matt Diersen says those forecasts have changed since the USDA’s August report.
He says the overall health of the farm economy showing some promise on the grain side.
Diersen says other positives on the grain side are lower fertilizer and fuel costs. He says however things are tougher in the livestock sector.
Vilsack says higher off farm earnings are expected to help stabilize losses due to low commodity prices.
