{"content":[{"text":"income are total production, which are forecast to decline 4.6 billion dollars, thereby boosting \n income.","bbox":{"left":0.117686,"top":0.089071,"width":0.736095,"height":0.03763600000000002}},{"text":"On the farm sector balance sheet, farm sector assets and debt are both forecast to, with overall \n equity rising just slightly when not adjusted for inflation. Looking at farm businesses, average \n net cash farm income is forecast to increase almost 5 percent in 2020 to 82,600 – so that's \n average per farm – and looking at farm households median total farm household income is to \n increase almost 8 percent to almost 90,000 at the median in 2020.","bbox":{"left":0.117686,"top":0.141343,"width":0.73783,"height":0.08990900000000002}},{"text":"Slide 4: \n We have two primary measures of farm income. Now this chart is in 2000 dollars so we're \n adjusting for inflation prior years to be consistent with 2020 dollars. The yellow line is net cash \n farm income, which includes cash receipts from farming or the sales of farm commodities, as \n well as cash related income and government payments from farm programs less cash expenses or \n those costs that farmers incur to produce their agricultural commodities. We use the word cash, \n just meaning that there's a market transaction. Net cash farm income is forecast to increase \n almost 4 billion dollars. Well 4 billion dollars or almost 4 percent in 2020 when adjusted for \n inflation. This would put it at its highest level since 2015.","bbox":{"left":0.117686,"top":0.246025,"width":0.76202,"height":0.15950800000000004}},{"text":"Net farm income, the blue line, is a broader measure of income that incorporates non-cash items \n like economic depreciation and accounting or changes in inventories. Like net cash farm income, \n net farm income has been trending upwards since 2017. And in 2020 net farm income is forecast \n to increase nearly 22 percent or 18 billion dollars, putting it at its highest level since 2013. Both \n measures in 2020 are forecast to be above their average from 2000 to 2019.","bbox":{"left":0.117686,"top":0.420169,"width":0.7616930000000001,"height":0.08990900000000002}},{"text":"Slide 5: \n We derive net farm income by first measuring its component parts, or from the bottom up. This \n allows us to further analyze the forecast change from 2019. This chart is – we're back to nominal \n dollars, so we're not making any inflation adjustments. The forecast increase in income is largely \n due to higher government payments from farm programs and lower expenses in 2020, as shown \n by this chart. Here we have on the far left, the net farm income estimates in 2019 at 83.7 billion \n dollars, and at the far right we have the net farm income forecast for 2020 at 100 – sorry at 102.7 \n billion dollars.","bbox":{"left":0.117686,"top":0.524876,"width":0.760125,"height":0.142046}},{"text":"So, if we work our way from left to right. crop cash receipts are forecast to increase 2 billion \n dollars. Next, we make an adjustment to account for changes in crop inventory, as net farm \n income represents income from current production only. When you combine cash receipts with \n this adjustment it gives us a measure of the value of production for the current year. So, in 2020 \n the value of crop production is forecast to increase 14.2 billion dollars. Continuing to move left, \n livestock, or animal and animal product receipts, are forecast to fall 14.3 billion dollars and \n there's only a very small adjustment for changes in inventory.","bbox":{"left":0.117686,"top":0.681558,"width":0.752673,"height":0.12479499999999999}},{"text":"Production expenses are forecast to decrease 4.6 billion dollars. This is shown as contributing to \n income on this chart because lower expenses would be higher income, because we subtract out \n expenses in the calculation of net farm income. But the single largest contributor to higher \n income in 2020 is direct government payments for farm programs, which are forecast to increase","bbox":{"left":0.117686,"top":0.82099,"width":0.759644,"height":0.07247999999999999}}],"images_bbox":[],"images_bbox_not_text_overlap":[]}