Net farm income expected to decline 38 percent in 2009
WILLMAR -- According to the latest economic forecast from the U.S. Department of Agriculture, net farm income is expected to total $54 billion in 2009, down $33.2 billion or 38 percent from the $87.2 billion estimate for 2008.
The 2009 income forecast is $9 billion below the average net farm income of $63.2 billion earned in the previous 10 years.
In 2009, crop prices have continued to decline and prices for livestock animals and products have experienced sharp decreases.
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