08-30-18 NFU: Net Farm Income to Drop 13 Percent in 2018, USDA Projects

NFU: Net Farm Income to Drop 13 Percent in 2018, USDA Projects

WASHINGTON –The U.S. Department of Agriculture (USDA) Economic Research Service (ERS) today projected net farm income to be $65.7 billion in 2018, a $9.8 billion, 13 percent decrease from 2017.
National Farmers Union (NFU), an advocacy organization for American family farmers and ranchers, says the projection highlights the need for the Trump administration and Congress to act quickly on the 2018 farm bill, trade protections, and biofuel market expansion. The organization will host 350 of its farmer members in Washington, DC, in September to lobby administration officials and members of Congress on progressive federal policy priorities for family farmers and ranchers.
NFU President Roger Johnson issued the following statement in response to the ERS report:

TRANSCRIPT

“Many farm families are in significant financial stress right now. They are burning through equity—farm income has been cut in half over the past five years, and a majority of family farmers are currently earning negative farm income. Now, largely because of volatility in trade and depressed biofuel markets, there is no improvement in prices in sight.
“What family farmers and rural America need right now is action. They need a farm bill passed on time this year. They need strong, fair trade agreements, and they need long-term solutions to current trade market disruptions that are depressing farm prices even further. They also need the administration to deliver on its promises to support the RFS and expand our use of biofuels, which opens new markets for American family farmers and rural communities.
“As harvest approaches, these low farm prices are going to strike an even harder blow than they have in the past several years. The Trump administration and congressional leadership must right the wrongs of failed farm and trade policies, and provide necessary support before more family farmers and ranchers have to shutter their barn doors.”