Washington — The USDA on Nov. 24 forecast a 38 percent drop in 2015 farm income, to $55.9 billion, down from 2014’s estimate of $90.4 billion. The drop mainly reflected lower crop prices, as well as weaker dairy and hog markets. If realized, the 2015 forecast would be the lowest since 2002 and a drop of 55 percent from the recent high of $123.3 billion in 2013. It would be the largest single-year decline since 1983. Lower crop and livestock receipts are the main drivers of the decline in 2015, while cash production expenses are projected down by 2.3 percent. Crop receipts are expected to decrease by $18.2 billion (8.7 percent) in 2015, led by projected declines of $8.6 billion in corn receipts, $5.7 billion in soybean receipts, and $2.7 billion in wheat receipts, as prices for all three commodities declined. Livestock receipts are forecast to decrease by $25.4 billion (12 percent) in 2015. Government payments are projected to rise $1.0 billion (10.4 percent), to $10.8 billion in 2015. Of manufactured inputs, expenses that are fertilizer related (fertilizer, lime and soil conditioners) are expected to be off 8 percent, to $25.8 billion from 2014’s $28.1 billion. Pesticide drops to $15.1 billion from $15.8 billion and fuel/oil to $12.7 billion from $17.7 billion, while electricity moves up to $5.96 billion from $5.9 billion. Of farm-origin inputs, seed drops to $21.9 billion from $22.1 billion.
Transparency Across the Fertilizer Value-Chain