BROOKINGS, S.D. (WNAX) – The U.S. Department of Agriculture is forecasting farm income to fall 9 percent this year. The Department says that’s because of lower government payments, rising expenses and very low prices for corn and soybeans. USDA also expects revenues to increase about 2.7 percent. SDSU Extension Agribusiness Specialist Matt Elliott says those numbers make sense.
He says the trend indicates poor margins for producers.
Elliott advises producers to have a solid risk management plan in place for their operations.
While USDA expects corn and soybean prices to decline, they’re forecasting revenue for dairy, pork and beef to grow.