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http://www.agweb.com/get_article.aspx?src=gennews&pageid=137832



8/31/2007 8:29:48 AM
2007 Net Farm Income Forecast at $87.1 Billion

AgWeb.com Editors



Net farm income is forecast to be $87.1 billion, up $28.1 billion from 2006 and $29.7 billion above its 10-year average of $57.4 billion, says UDSA. The forecast for 2007 is on par with the record-setting $85.9 billion (established in 2004) for net farm income.

"The value of the sector's production is expected to rise $47.7 billion to $323 billion in 2007, with production forecast to be up $23.5 billion for crops and up $20.4 billion for livestock. The value of services and forest products produced from farm resources added another $3.8 billion," states USDA. "The rise in prices of grains and oilseeds due to the demand from the rapid expansion of ethanol production could result in a record corn crop and record cash receipts for crops. Rising prices for milk and poultry have led to a surprisingly large jump in the projected cash receipts for livestock and animal products, likely setting a new record level, also."

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