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Dec. 23, 2015 Economic Research Service (ERS) reports: U.S. net cash farm income (NCFI)-the funds available to farm operators to meet family living expenses and pay down debt-is forecast to decline in 2015. This would be the second consecutive year of decline for NCFI, after reaching recent highs in 2012 and 2013. NCFI is expected to drop by $35.6 billion (28 percent) to $93 billion in 2015. If realized, the 2015 forecast would be the lowest since 2009, and $14.7 billion (in real terms) below the previous 10-year average. The drop in NCFI reflects a broad decline in commodity receipts. Crop receipts are expected to decrease by $18.2 billion from 2014, led by projected declines in receipts for corn ($8.6 billion) and soybeans ($5.7 billion). Livestock receipts are expected to decline by $25.4 billion, with the largest decreases in receipts expected for dairy ($13.9 billion), hogs ($6.6 billion), and broilers ($4.4 billion). Partially offsetting reduced cash receipts, total cash expenses are forecast to decrease by $7.9 billion in 2015, the first decline since 2009. Government payments are also projected to rise 10 percent ($1.0 billion) to $10.8 billion in 2015. This chart is based on information found in the 2015 Farm Sector Income Forecast, released November 24, 2015.
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