[Economic Indicators May, 2004]
[Page Number 7]
[From the U.S. Government Publishing Office, www.gpo.gov]



 
FARM INCOME

According to the preliminary forecast for 2004, gross farm income is 
forecast at $255.1 billion, and net farm income at $47.6 billion.
  ______________________________________________________________________


  ______________________________________________________________________

                                        [Billions of dollars; quarterly data at seasonally adjusted annual rates]
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                  Income of farm operators from farming
                                                --------------------------------------------------------------------------------------------------------
                                                                               Gross farm income
                                                -------------------------------------------------------------------------------
                     Period                                          Cash marketing receipts
                                                             ---------------------------------------   Value of      Direct      Production    Net farm
                                                  Total \1\                 Livestock                 inventory    Government     expenses      income
                                                                 Total         and       Crops \2\   changes \3\  payments \4\
                                                                             products
--------------------------------------------------------------------------------------------------------------------------------------------------------
1994 ..........................................        216.2        181.4         88.3         93.1          8.3           7.9        164.8         51.4
1995 ..........................................        210.9        188.2         87.2        101.0         -5.0           7.3        171.2         39.7
1996 ..........................................        235.9        199.5         92.9        106.5          7.9           7.3        178.1         57.8
1997 ..........................................        238.3        207.9         96.5        111.4           .6           7.5        187.1         51.3
1998 ..........................................        232.3        196.2         94.1        102.1          -.6          12.4        186.0         46.2
1999 ..........................................        234.5        187.6         95.6         92.0          -.2          21.5        187.7         46.8
2000 ..........................................        241.4        192.0         99.5         92.4          1.6          22.9        193.6         47.8
2001 ..........................................        248.4        199.8        106.4         93.4          1.2          20.7        197.8         50.6
2002 ..........................................        228.2        192.9         93.5         99.5         -3.1          11.0        192.8         35.3
2003 ..........................................        258.9        212.4        105.6        106.7          1.7          17.4        204.0         54.9
2004 p.........................................        255.1        215.0        100.7        114.3          2.0          10.3        207.5         47.6
 
2002: I .......................................        228.3        183.7         89.4         94.3         -2.9          21.6        183.6         44.8
      II ......................................        224.1        195.5         92.2        103.3         -3.1           4.1        195.3         28.7
      III .....................................        225.9        196.5         95.9        100.6         -3.1           4.7        196.4         29.5
      IV ......................................        234.3        196.1         96.4         99.7         -3.1          13.5        196.0         38.3
 
2003: I .......................................        252.6        192.1         91.0        101.1          1.5          34.2        184.5         68.1
      II ......................................        248.3        212.7        100.8        111.9          1.7           6.4        204.3         44.0
      III .....................................        254.5        217.3        114.3        103.0          1.7           7.4        208.8         45.8
      IV ......................................        280.0        227.4        116.4        110.9          1.8          21.5        218.4         61.6
 
2004: I p......................................        268.4        217.9        100.0        117.9          2.0          20.2        210.3         58.0
      II p.....................................        252.9        218.8        101.8        116.9          2.0           3.8        211.2         41.7
      III p....................................        248.3        214.2        102.4        111.8          2.0           4.4        206.8         41.5
      IV p.....................................        250.8        209.1         98.6        110.4          1.9          12.7        201.8         48.9
--------------------------------------------------------------------------------------------------------------------------------------------------------

    \1\ Cash marketing receipts, 
Government payments, value of 
changes in inventories, other farm 
related cash income, and nonmoney 
income produced by farms including 
imputed rent of operator residences.
    \2\ Crop receipts include 
proceeds received from commodities 
placed under Commodity Credit 
Corporation loans.
    \3\ Physical changes in 
beginning and ending year 
inventories of crop and livestock 
commodities valued at weighted 
average market prices during the 
period.
    \4\ Includes only Government 
payments made directly to farmers.

    Note.--Data for 2003 and 2004 
are forecast.

    Source: Department of 
Agriculture.