USA – Farm sector income is forecast to decline in 2009

Most crop prices are expected to be substantially lower in 2008/09. Even with larger quantities of most grains and oilseeds available to market, lower prices will pull down receipts and production value from 2008's record level. A substantial reduction in milk prices will signal the same outcome for livestock commodities. Despite increases for red meat and poultry receipts, overall livestock receipts are projected down by nearly $11 billion in 2009.