Crop receipts forecast to fall, livestock receipts could set new records in 2014
Crop receipts are expected to decline 7 percent in 2014, the second annual decrease following a record high in 2012. Even with record corn production projected, cash receipts for corn are expected to decline by over 20 percent due to a significant decrease (-32 percent) in the annual average corn price. Declines in receipts are also expected for most other major crops including fruits and nuts, wheat, soybeans, and vegetables/melons. A notable exception is cotton, which is projected to recover from a significant decline in 2013. Conversely, record livestock prices are projected to drive a 15.3-percent increase in livestock cash receipts. Despite expected declines in beef production, cattle/calves receipts are expected to set a record in 2014 due to higher prices. Hog production is also expected to decline, but higher expected annual average prices drive the forecast increase in hog cash receipts. Wholesale milk and broiler receipts are expected to benefit from higher production and record annual average prices. See the Farm Income and Wealth Statistics data product for more information on USDA’s 2014 forecast for the farm economy, released on August 26, 2014.
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