U.S. net farm income forecast to stabilize in 2017 after declining in the prior 3 years
Gross farm income reflects the total value of agricultural output plus Government farm program payments. Net farm income (NFI)—which reflects income from production in the current year—is calculated by subtracting farm expenses from gross farm income. NFI considers both cash and noncash income and expenses. Inflation-adjusted net farm income for 2017 is forecast to remain relatively unchanged from 2016, at $63.2 billion, after declining in 2014 through 2016. Inflation-adjusted expenses are also projected to remain relatively unchanged from 2016, at $355.8 billion, after declining in the prior 2 years.