Ag Secretary Vilsack speaks on farm income forecast for 2016

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Agriculture Secretary Tom Vilsack issued the following statement today on the Farm Income and Financial Forecasts for 2016, released by USDA’s Economic Research Service. “Today’s forecast continues to show that the health of the overall farm economy is strong in the face of challenging markets. After reaching record highs in 2012-2014, net farm income declined in 2015, and is forecast to decline in 2016, but the bigger picture shows that farm income over the last five-year period reflects the highest average five-year period on record. The comprehensive farm safety net provided by the 2014 Farm Bill will continue to help America’s farmers and ranchers respond to market conditions and provide financial stability for producers. Farm Bill program payments are forecast to increase over 19 percent to $12.9 billion in 2016, primarily through Agriculture Risk Coverage (ARC) and Price Loss Coverage (PLC) payments. 

 

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