{ "id": "R45117", "type": "CRS Report", "typeId": "REPORTS", "number": "R45117", "active": true, "source": "EveryCRSReport.com", "versions": [ { "source": "EveryCRSReport.com", "id": 588644, "date": "2018-12-11", "retrieved": "2019-12-20T20:22:34.519578", "title": "U.S. Farm Income Outlook for 2018", "summary": "According to USDA\u2019s Economic Research Service (ERS), national net farm income\u2014a key indicator of U.S. farm well-being\u2014is forecast at $66.3 billion in 2018, down over $9 billion (-12%) from last year. The forecast decline in 2018 net farm income is the result of a small increase in gross returns (up $5.8 billion or +1.3%)\u2014including the initial tranche of payments under the trade aid package announced by USDA in July 2018\u2014offset by higher production expenses (up $14.9 billion or +4.2%). Net farm income is calculated on an accrual basis. Net cash income (calculated on a cash-flow basis) is also projected lower in 2018 (-8%) to $93.4 billion.\nThe 2018 net farm income forecast is substantially below the 10-year average of $86.9 billion (in nominal dollars)\u2014primarily the result of the outlook for continued weak prices for most major crops. Commodity prices are under pressure from a record soybean and near-record corn harvest and from diminished export prospects due to an ongoing trade dispute with China. U.S. farm income experienced a golden period during 2011 through 2014 due to strong commodity prices and robust agricultural exports. Most crops and livestock product prices remain significantly below the average for 2011-2014, when prices for many major commodities attained record or near-record highs. Net farm income is projected down 46% since its record high of $123.7 billion in 2013. Net cash income is projected down 31% from its 2013 high of $135.6 billion. Farm-sector production expenses have risen 2.5% over that same period, thus contributing to lower aggregate income totals. \nGovernment payments are projected up nearly 18% from 2017 at $13.6 billion\u2014the highest total since 2006 and due largely to market facilitation payments by the U.S. Department of Agriculture (USDA) of approximately $4.6 billion in response to the U.S.-China trade dispute. Ad hoc disaster assistance and crop insurance indemnity payments were also larger in 2018.\nSince 2008, U.S. agricultural exports have accounted for a 20% share of U.S. farm and manufactured or processed agricultural sales. In 2018 total agricultural exports are forecast up 2% at $143.4 billion. However, abundant supplies in international markets, strong competition from major foreign competitors, and the ongoing U.S.-China trade dispute are expected to shift trade patterns and diminish U.S. export prospects in 2019. \nIn spite of the lower farm income outlook, farm wealth is projected up 1.4% from 2017 to $3.0 trillion. Farm asset values reflect farm investors\u2019 and lenders\u2019 expectations about long-term profitability of farm sector investments. Farmland values are projected up 1.9% in 2018 following a 2.3% rise in 2017. Because they comprise such a significant portion of the U.S. farm sector\u2019s asset base (81%), change in farmland values is a critical barometer of the farm sector\u2019s financial performance. At the farm household level, average farm household incomes have been well above average U.S. household incomes since the late 1990s. However, that advantage has narrowed in recent years. In 2014, the average farm household income (including off-farm income sources) was about 77% higher than the average U.S. household income. In 2017 (the last year with comparable data), that advantage is expected to decline to 27%.\nThe outlook for lower net farm income and relatively weak prices for most major program crops signals the likelihood of continued relatively lean times ahead. The U.S. agricultural sector\u2019s well-being remains dependent on continued growth in domestic and foreign demand to sustain prices at current modest levels. In addition to commodity prices, the financial picture for the agricultural sector as a whole heading into 2019 will hinge on both domestic and international macroeconomic factors, including interest rates, economic growth, and consumer demand. This report incorporates USDA\u2019s November 30, 2018, farm income projections and its November 29, 2018, U.S. agricultural trade outlook update.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "https://www.crs.gov/Reports/R45117", "sha1": "b61d4116b19abe447095a1f1f97ab24b30b8b0e6", "filename": "files/20181211_R45117_b61d4116b19abe447095a1f1f97ab24b30b8b0e6.html", "images": { "/products/Getimages/?directory=R/html/R45117_files&id=/17.png": "files/20181211_R45117_images_f444808414026153d6e41eb0326fcb3b71f145b0.png", "/products/Getimages/?directory=R/html/R45117_files&id=/30.png": "files/20181211_R45117_images_539d77ab384b825c8560d56208a7e034628bef28.png", "/products/Getimages/?directory=R/html/R45117_files&id=/20.png": "files/20181211_R45117_images_659dd5460a8746e56387ba2e9345a82e18810f46.png", "/products/Getimages/?directory=R/html/R45117_files&id=/19.png": 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This forecast does not include any payments under the trade aid package announced by USDA in July 2018. The forecast decline in 2018 net farm income is the result of lower cash returns\u2014from both production activities (-0.1%) and government program payments (-17.4%)\u2014and higher production expenses (up 3.3%). Net farm income is calculated on an accrual basis. Net cash income (calculated on a cash-flow basis) is also projected lower in 2018 (-12%) to $91.5 billion.\nThe 2018 net farm income forecast is substantially below the 10-year average of $87 billion (in nominal dollars). It would be the lowest since 2016 in nominal and inflation-adjusted 2017 dollars. This is primarily the result of the outlook for continued weak prices for most major crops. U.S. farm income experienced a golden period during 2011 through 2014 due to strong commodity prices and robust agricultural exports. Most crops and livestock product prices remain significantly below the average for 2011-2014, when prices for many major commodities attained record or near-record highs. Net farm income is projected down 47% since its record high of $123.7 billion in 2013. Net cash income is projected down 32% from its 2013 high of $135.6 billion. Farm-sector production expenses have risen 1.6% over that same period, thus contributing to lower aggregate income totals. \nGovernment payments are projected down 17% from 2017 at $9.3 billion\u2014due largely to projected lower payments in 2018 under the Price Loss Coverage (PLC) and Agricultural Risk Coverage (ARC) revenue support programs for major field crops (projected at $3.5 billion, down 50% from $7.0 billion in 2017). \nSince 2008, U.S. agricultural exports have accounted for a 20% share of U.S. farm and manufactured or processed agricultural sales. In 2018 agricultural exports are forecast to be flat, at $144.5 billion, due largely to abundant supplies in international markets and strong competition from major foreign competitors. The ongoing U.S.-China trade dispute is expected to shift trade patterns, but the aggregate value of U.S. exports is expected to hold steady. \nIn spite of the lower farm income outlook, farm wealth is projected up 1.2% from 2017 to $3.0 trillion. Farm asset values reflect farm investors\u2019 and lenders\u2019 expectations about long-term profitability of farm sector investments. Farmland values are projected up 1.9% in 2018 following a 2.3% rise in 2017. Because they comprise such a significant portion of the U.S. farm sector\u2019s asset base (81%), change in farmland values is a critical barometer of the farm sector\u2019s financial performance. At the farm household level, average farm household incomes have been well above average U.S. household incomes since the late 1990s. In 2016 (the last year with comparable data), the average farm household income (including off-farm income sources) of $117,918 was about 42% higher than the average U.S. household income of $83,143.\nThe outlook for lower net farm income and relatively weak prices for most major program crops signals the likelihood of continued relatively lean times ahead. With record soybean and near-record corn crops predicted by USDA, the U.S. agricultural sector\u2019s well-being remains dependent on continued growth in domestic and foreign demand to sustain prices at current modest levels. In addition to commodity prices, the financial picture for the agricultural sector as a whole heading into 2019 will hinge on both domestic and international macroeconomic factors, including interest rates, economic growth, and consumer demand. This report incorporates USDA\u2019s August 30, 2018, farm income projections and its August 29, 2017, U.S. agricultural trade outlook update.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/R45117", "sha1": "2f6f50d40d06721a5636f9ac7168fe1fd5ff2855", "filename": "files/20180921_R45117_2f6f50d40d06721a5636f9ac7168fe1fd5ff2855.html", "images": { "/products/Getimages/?directory=R/html/R45117_files&id=/10.png": "files/20180921_R45117_images_7b592ed3f9fd48297be4ed04bef4b6813ce9e47d.png", "/products/Getimages/?directory=R/html/R45117_files&id=/15.png": "files/20180921_R45117_images_f0ed12df43b8df3840fc8c9fb87595d4289fb259.png", "/products/Getimages/?directory=R/html/R45117_files&id=/20.png": "files/20180921_R45117_images_b1f9ac09567d62ddd698b0921d359b48fe1f0164.png", "/products/Getimages/?directory=R/html/R45117_files&id=/19.png": 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The forecast decline in 2018 net farm income is the result of lower cash returns\u2014from both production activities (-0.5%) and government payments (-18.6%)\u2014and higher production expenses (projected up 1%). Net farm income is calculated on an accrual basis. Net cash income (calculated on a cash-flow basis) is also projected lower in 2018 (-5.1%) to $91.9 billion.\nThe 2018 net farm income forecast is substantially below the 10-year average of $85.7 billion. It would be the lowest since 2006 in nominal dollars and lowest since 2002 in inflation-adjusted 2015 dollars. This is primarily the result of the outlook for continued weak prices for most major crops. U.S. farm income experienced a golden period during 2011 through 2014 due to strong commodity prices and robust agricultural exports\u2014in 2014 U.S. agricultural exports achieved a record of $152.3 billion. Most crops and livestock product prices remain significantly below the average for the period of 2011-2014, when prices for many major commodities attained record or near-record highs. Net farm income is projected down 52% since its record high of $123.7 billion in 2013. Net cash income is projected down 32% from its 2013 high of $135.6 billion. Farm-sector production expenses (although up year-to-year) have fallen slightly over that same period (-0.2%) but not nearly as quickly as commodity prices and revenue, thus contributing to lower aggregate income totals. \nGovernment payments are projected down 18.6% at $9.3 billion from 2017\u2014due largely to projected lower payments of $5.0 billion in 2018 under the Price Loss Coverage (PLC) and Agricultural Risk Coverage (ARC) revenue support programs for major field crops (down from $6.9 billion in 2017). \nIn 2018 agricultural exports are forecast to be flat, at $140 billion, due largely to abundant supplies in international markets and strong competition from major foreign competitors. Since 2008, U.S. agricultural exports have accounted for a 20% share of U.S. farm and manufactured agricultural sales. \nIn spite of the lower farm income outlook, farm wealth is projected to be up 1.8% from 2017 to $3,087 billion. Farm asset values reflect farm investors\u2019 and lenders\u2019 expectations about long-term profitability of farm sector investments. Farmland values are projected flat in 2018. Because they comprise such a significant portion of the U.S. farm sector\u2019s asset base (81%), change in farmland values is a critical barometer of the farm sector\u2019s financial performance.\nAt the farm household level, average farm household incomes have been well ahead of average U.S. household incomes since the late 1990s. In 2016 (the last year for which comparable data were available), the average farm household income (including off-farm income sources) of $117,918 was about 42% higher than the average U.S. household income of $83,143.\nThe outlook for lower net farm income and relatively weak prices for most major program crops signals the likelihood of continued relatively lean times ahead. Heading into 2018, the financial picture for the agricultural sector as a whole remains dependent on continued growth in domestic and foreign demand to sustain prices at current modest levels. Improvements in agricultural economic well-being will hinge on crop production prospects and prices as well as both domestic and international macroeconomic factors, including economic growth and consumer demand.\nThis report incorporates USDA\u2019s initial February 7, 2018, farm income projections and its November 30, 2017, U.S. agricultural trade outlook update.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/R45117", "sha1": "c9c5151778c5b2daf76b5a88eb7f2400aa0d4faa", "filename": "files/20180227_R45117_c9c5151778c5b2daf76b5a88eb7f2400aa0d4faa.html", "images": { "/products/Getimages/?directory=R/html/R45117_files&id=/17.png": "files/20180227_R45117_images_826f92f5b709c5e21eb250dcbd2a912a05813b8e.png", "/products/Getimages/?directory=R/html/R45117_files&id=/15.png": "files/20180227_R45117_images_aaa8abac53540454983d4d0fc3d7fdd8a68fcecb.png", 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