The Department of Agriculture expects net farm income in 2017 to drop 8.7% compared with 2016.
For 2017, the USDA Economic Research Service predicts net farm income will fall to $62.3 billion, down 49.6% from the 2013 record high of more than $120 billion.
Following several years of record highs, net farm income trended downward from 2013 to 2016.
Net farm income is a conventional measure of agricultural sector profitability that is used as part of the U.S. Gross Domestic Product calculation.
The expected decline in 2017 net farm income is driven by a forecast reduction in the value of farm production.
Crop value of production is forecast down $9.2 billion, or 4.9%, while the value of production of animals and animal products is forecast to decline by less than $1 billion, or .5%.
