Net farm income forecast to fall in 2014

Although the U.S. Department of Agriculture’s (USDA) latest projections indicate an overall decline in net farm income of about 26.6 percent in 2014, livestock receipts are expected to be up marginally.

Net farm income is forecast to be $95.8 billion, the lowest since 2010, and net cash income is projected to be $101.9 billion, down 22 percent from 2013.

According to Drovers CattleNetwork, a 0.7 percent increase is expected for livestock receipts. Due to lower production levels, steady receipts are expected for cattle and calves.

For the second time in the last 10 years, USDA also expects a decline of $3.9 billion in production expenses. Feed expenses are forecast to decline by 11.3 percent—$6.6 billion.