USA - Net Farm Income forecast to be down 38 percent in 2009
http://www.ers.usda.gov/Briefing/FarmIncome/nationalestimates.htm
03-Sep-2009 (16 years 9 months 6 days ago)Net farm income is forecast to be $54.0 billion in 2009, down $33.2 billion (38 percent) from the preliminary estimate of $87.2 billion for 2008. The 2009 forecast is $9 billion below the average of $63.2 billion in net farm income earned in the previous 10 years.
Pork and broiler production are forecast down 2.4 percent and 3.8 percent respectively. Hog producers' cash receipts are expected to decrease 13 percent in 2009. The global recession has reduced both domestic and foreign demand, resulting in low pork and hog prices. Summer 2009 prices were lower due to weak demand, and second-quarter pork exports dropped 31 percent from second-quarter 2008 as Asian market demand weakened. For 2009, the USDA expects hog prices to average $40-$41 per cwt, almost 15 percent below 2008's prices. Commercial pork production in 2009 is expected to be more than 2 percent below production in 2008, but the sharper decline in pork demand accounts for the projected decline in hog receipts.
Pork and broiler production are forecast down 2.4 percent and 3.8 percent respectively. Hog producers' cash receipts are expected to decrease 13 percent in 2009. The global recession has reduced both domestic and foreign demand, resulting in low pork and hog prices. Summer 2009 prices were lower due to weak demand, and second-quarter pork exports dropped 31 percent from second-quarter 2008 as Asian market demand weakened. For 2009, the USDA expects hog prices to average $40-$41 per cwt, almost 15 percent below 2008's prices. Commercial pork production in 2009 is expected to be more than 2 percent below production in 2008, but the sharper decline in pork demand accounts for the projected decline in hog receipts.