Net Farm Income To Drop In 2009

USDA reports that net farm income for 2009 will be $77.3 billion dollars. Ag Department Chief Economist Joe Glauber said that represents a larger-than-expected 17% drop from 2008, USDA said.

“We knew there would be a big drop, because we had record high prices in so many areas last year. We knew those prices were going to come down,” said Glauber.

Ag Secretary Tom Vilsack said there are some items in the federal stimulus package which should help farm income as well. “You’re going to see significant investments in bioenergy. You’re going to see us focus on the energy title of the farm bill to provide additional help. You’re going to see us work very hard to institute the conservation stewardship program which will also provide another income opportunity.”