The U.S. Department of Agriculture (USDA) dropped its net farm income forecast f...
CHICAGO - The U.S. Department of Agriculture dropped its net farm income forecast for 2019 by more than 10 percent on Wednesday, saying that data lags from the partial government shutdown failed to show the full picture of the sector’s health.
Net farm income, as calculated by USDA, includes the value of crops and other commodities that farmers have in storage, among other things. Agency economists used different methods to forecast farm income than in last month’s report, which did not include data from a monthly global supply and demand report issued in February, said Carrie Litkowski, a senior economist and team leader at USDA’s Economic Research Service.
Market Facilitation Program trade aid payments are forecast to be $5.2 billion in 2018 and $3.5 billion in 2019.
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