US Agriculture Secretary Tom Vilsack today made the following statement on the release of the Farm Financial Forecasts of 2011.
- it is a concern that farmers continue to face an increase in expenses for key inputs, including feed, fertilizer and fuel. Additionally, after a strong recovery in 2010, the report projects a revenue decline for livestock farm businesses in 2011 and continued income and loan repayment concerns for dairy farmers. Higher feed costs are a primary factor.
- predicting strong financial performance in the agriculture sector for 2011 is good news for producers and indicates that economic improvement is underway in much of rural America. Potential record or near record prices for commodities like corn, wheat, soybeans and cotton reflects the fact that our trading partners continue a strong demand for food and fiber produced by America's farmers.
- "I am heartened that net farm income is projected to increase about 20 percent, or almost $16 billion, from the previous forecast."