Farm sector profitability is forecast down for the third straight year. Net farm income is forecast to be $66.9 billion in 2016, down 17.2 percent from the 2015 estimate. The median income of farm households is forecast to remain essentially unchanged in 2016, at $76,839.
New from ERS
Economist Chris Burns will discuss the changing organization and well-being of midsize U.S. farms, including their numbers, entries and exits, and factors affecting their survival. ERS will present the webinar on Wednesday, December 14, at 1 p.m. EST.
Comprehensive data from USDA’s National Household Food Acquisition and Purchase Survey are now available to the public. The survey includes nationally representative data from nearly 5,000 households, including those participating in SNAP.
Family farms comprise 99 percent of U.S. farms, accounting for 89 percent of production. Small farms make up 90 percent of farms, operating nearly half of farmland. Still, large family farms accounted for 42 percent of production in 2015.
The United States, as a top producer and exporter of dairy products, has a pivotal role to play, but will have to compete with large dairy exporters such as New Zealand, the EU, and Australia to increase export market share in the future.
ERS analyzes adoption rates of genetically engineered U.S. alfalfa, canola, and sugarbeets using data from the Agricultural Resource Management Survey (ARMS), and discusses legal and/or regulatory issues regarding these GE crops.