Net farm income is forecast to be $77.1 billion in 2010, up $14.9 billion (24 percent) from a lower year in 2009. The 2010 forecast is $12.3 billion above the average of $64.8 billion in net farm income earned in the previous 10 years, according the Agriculture Department’s Economic Research Service 2010 Farm Income Forecast released Tuesday.
The $77.1 billion forecast for 2010 remains the fourth-largest amount of income earned in U.S. farming, according to ERS. The average family farm household income is expected to be up by 5.8 percent in 2010, to $81,670.
Government payments paid directly to producers are expected to total $11.9 billion in 2010, a 3- percent decrease from the $12.3 billion paid in 2009.