HTML _ 98-743 - U.S. Farm Income: Recent National and Regional Changes and the Federal Response
15-Dec-1998; Jerry Heykoop, Jean Yavis Jones; 5 p.

Abstract: Major segments of U.S. agriculture are experiencing declining farm income and financial difficulty. The degree of decline, however, differs among regions and commodities. In 1996, the overall farm sector experienced record high income that declined 6.7% in 1997, and is forecast to decline by another 3.6% in 1998. Several factors are responsible for the recent drop in farm income. Reduced export demand and large global supplies have reduced crop prices. A strong dollar relative to other currencies makes U.S. exports less competitive. Natural disasters such as droughts, floods, and disease have reduced crop production and caused sharp drops in farm income in some regions. The Congress and the Administration took several actions in the late summer and early fall of 1998 to address farm problems. This report describes these actions and compares the current farm income situation with recent years. It finds that, although financial conditions are serious for producers of certain crops in certain regions of the nation, and natural disasters and low commodity prices have severely depressed farm income in these regions, the overall patterns of aggregate farm income have not changed dramatically. The report will be updated with developments. [read report]

Topics: Agriculture

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