On Wednesday 4 March, USDA Secretary Perdue testified before the House Agriculture Committee on the state of the farm economy, following are a few highlights:
Production and input expenses (adjusted for inflation) are expected to increase year over year for the first time since 2014.
Farm debt is projected to grow to $425 billion, with about 62 percent ($265 billion) in real estate and about 38 percent ($160 billion) in non-real estate.
Debt to equity forecast to be at 13.59 in 2020 – the highest level since 2003.
Cash income is expected to drop in 2020; but that is based in part on higher cash income levels in 2019 from marketing crop inventories due to lower production.
In all, it is a tenuous economic...
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