{"content":[{"text":"Webinar Transcript: Farm Income and Financial Forecasts – September 2020 Update","bbox":{"left":0.140431,"top":0.089207,"width":0.718919,"height":0.020985000000000004}},{"text":"Slide 1: \n Good afternoon everyone and welcome to our webinar: Farm Income and Financial Forecast, \n September 2020 Update. My name is Valerie Negron and I will be your host. As a reminder this \n webinar is being recorded and it will be posted on the ERS website next week. At any time \n during the webinar, you may enter a question into the chat feature on your left-hand corner, and \n our speaker will answer questions at the end of the presentation. Our speaker today is Carrie \n Litkowski. Carrie is a senior economist and farm income team leader at USDA's Economic \n Research Service. She is responsible for developing sector-wide measures of farm income value- \n added, and the aggregate farm sector balance sheet. Previously, Carrie served as an economist at \n the Bureau of Economic Analysis where she was responsible for the production of farm income \n and employment statistics nationwide. I think we're ready to start, so Carrie, you may begin your \n presentation.","bbox":{"left":0.117686,"top":0.124056,"width":0.7605750000000001,"height":0.21178000000000002}},{"text":"Great, thank you, and thank you all for joining me today. I am pleased to have this opportunity to \n present the latest USDA data on U.S. farm sector income and wealth. The Economic Research \n Service farm income and finance program measures, forecasts, and explains indicators of \n economic performance for the U.S. farm sector. We release forecasts three times a year, and with \n today's release we're releasing our updated calendar year forecast for 2020 for the U.S. This is to \n include some new and updated data that has become available since our last release in February, \n including some survey-based data on 2020 crop planting, production, and prices. We're also \n using the latest forecasts from the August World Agricultural Supply and Demand Estimates \n report (WASDE). With this release we're also converting our 2019 forecast into an estimate, and \n we have our first state level farm income estimates for 2019 now.","bbox":{"left":0.117686,"top":0.350472,"width":0.7630760000000001,"height":0.177056}},{"text":"Slide 2: \n So what does our forecast cover, and what are we going to talk about in today's webinar? First, \n we'll start by looking at the farm sector as a whole, which is comprised of two million farms who \n operate 900 million acres of land. Next, I’ll discuss the income and finances of the \n approximately 951,000 farm businesses that account for over 90 percent of the total value of \n agricultural sector production – these are the larger farms and where farming is the principal \n occupation of the operator. Lastly, we'll look at the well-being of the over 6 million people who \n live in households attached to a farm.","bbox":{"left":0.117686,"top":0.542301,"width":0.7621800000000001,"height":0.14204499999999998}},{"text":"Slide 3: \n Here's a brief overview of our results on our forecast, and it's also the order in which I’ll discuss \n the topics today. So, in this chart I’m talking about changes and values in nominal dollars, so I’m \n not making any sort of inflation adjustment here.","bbox":{"left":0.117686,"top":0.699119,"width":0.7622970000000001,"height":0.07238599999999995}},{"text":"Overall, our farm sector income is expected to increase in 2020. Net cash farm income is 4.5 \n percent relative to 2019, and net farm income is forecast to increase almost 23 percent in 2020. \n Now, this increase is despite lower cash receipts from commodity sales in 2020. We're \n forecasting cash receipts to fall 3.3 percent or 12 billion dollars. So, much of the increase in net \n income is coming from direct government payments to farmers from farm programs which are \n forecast to increase 14.7 billion dollars, or nearly 66 percent in 2020. Also contributing to","bbox":{"left":0.117686,"top":0.786141,"width":0.7480950000000001,"height":0.10732900000000001}}],"images_bbox":[],"images_bbox_not_text_overlap":[]}