U.S. net farm income is forecast to rise in 2017 after declining in the prior 3 years
Gross farm income reflects the total value of agricultural output. 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 is forecast up 1.5 percent after declining in 2014 through 2016, as gross farm income is forecast near its 2016 value and production expenses are forecast to decline in inflation-adjusted terms.