U.S. Farm Income

"According to USDA’s Economic Research Service (ERS), national net farm income—a key
indicator of U.S. farm well-being—is forecast at a record $122.2 billion in 2012, up 3.7% from
last year’s record. Record gross revenues from crop sales (forecast at $222.1 billion), coupled
with record revenues (forecast at $34.1 billion) from farm-related income—a category that
includes crop insurance indemnity payments as well as income from custom work, machine hire,
etc.—pushed total gross cash income to a record $433.6 billion (up 5.5%). This more than offset
flat revenues from livestock markets ($165.8 billion), and a 6.6% increase in input costs (forecast
at $294.2 billion) to account for the record forecast for overall net returns..."