Researchers Discuss Farm Income Briefing in Senate
AAEA Members’ examine the farm economy in a volatile market at C-FARE Event
Even though there is a strong crop and livestock production in the United States, farm incomes continue to decline. The United States Department of Agriculture’s economic research agency, the Economic Research Service (USDA-ERS) forecasted the farm income for 2017 at only half of what it was in 2013—roughly a $60 billion decrease.
The Agricultural and Applied Economics Association (AAEA) and the Council on Food, Agricultural, and Resource Economics (C-FARE) are coordinating on an event to highlight the next release of U.S. and State Farm Income and Wealth Statistics from the USDA-ERS. The event will take place on February 12, from 1:00 p.m. to 2:00 p.m ET in 328A Russell Senate Office Building, Washington, D.C., 20510.
Allen Featherstone from Kansas State University and AAEA Board member, John Newton from the American Farm Bureau Federation (AFBF) and C-FARE Board Member, Carrie Litkowski from USDA-ERS, and Todd Kuethe from University of Illinois at Urbana-Champaign, will present a financial outlook for the sector as well as regional outlooks highlighting where stress and recovery are present.
“Since the United States last passed the farm bill, farmers and ranchers across the nation have experienced the steepest drop in net farm income ever recorded—down nearly 50% since 2013. The USDA-ERS’s upcoming release of the farm income forecast, as well as the USDA Office of the Chief Economist’s 94th Agricultural Outlook Forum will likely corroborate expectations that farm income will stabilize at these lower levels” says John Newton. “This briefing will provide an updated perspective on the challenges in today’s farm economy and will highlight the need to get a farm bill done on time in 2018 to help growers persevere through this difficult farm economy.”
If you are interested in an interview with any of the speakers, please contact Allison Scheetz in the AAEA Business Office. To attend the C-FARE event, Farm Economy Update: Producer and Stakeholder Response to Volatile Markets, RSVP here.
ABOUT AAEA: Established in 1910, the Agricultural & Applied Economics Association (AAEA) is the leading professional association for agricultural and applied economists, with 2,500 members in more than 60 countries. Members of the AAEA work in academic or government institutions as well as in industry and not-for-profit organizations, and engage in a variety of research, teaching, and outreach activities in the areas of agriculture, the environment, food, health, and international development. The AAEA publishes two journals, the American Journal of Agricultural Economics and Applied Economic Perspectives & Policy, as well as the online magazine Choices. To learn more, visit www.aaea.org.
ABOUT C-FARE: The Council on Food, Agricultural, and Resource Economics (C-FARE) is a non-profit organization, headquartered in Washington, D.C., dedicated to strengthening the national presence of the agricultural and applied economics profession. C-FARE projects are aimed at communicating the profession’s findings and demonstrating the value of agricultural and related applied economic research to policymakers and their staffs, as well as representing the public good interests of the profession. To learn more, visit www.cfare.org.
Contact: Allison Scheetz
Senior Communications Manager