Tip:
Highlight text to annotate it
X
THIS YEAR'S DOWNTURN OF THE UNITED STATES FARM
ECONOMY REFLECTS CONDITIONS HERE AND AROUND THE WORLD.
A SENIOR ECONOMIST WITH U-S-D-A'S ECONOMIC
RESEARCH SERVICE SAYS THE SEVERE GLOBAL DOWNTURN HAS
CAUGHT UP WITH THE U-S AG ECONOMY.
Mitch Morehart: It reflects sort of both the general
economic conditions both in this country and world-wide.
So we had a pretty severe downturn,
economic recession in a lot of parts of the world
and that caught up into agriculture this year.
TWO THOUSAND NINE NET FARM INCOME IS EXPECTED TO BE
DOWN THIRTY EIGHT PERCENT FROM TWO THOUSAND EIGHT
ESTIMATES AND FIFTEEN PERCENT FROM THE TEN YEAR AVERAGE.
Mitch Morehart: The largest declines for income are
really affecting the livestock sector.
Cash receipts in total are going to be down about
forty billion in two thousand nine.
Eighteen billion on the crop side.
Twenty two billion on the livestock side.
Half of that twenty two billion is coming out of
milk and dairy products.
One of the hardest hit industries in two thousand
nine will be producers of milk and dairy products.
Hogs and beef cattle will also have pretty severe
income declines in two thousand nine.
MOREHART SAYS THE AG ECONOMY'S DOWNTURN IN
RELATION TO WORLD ECONOMIC PROBLEMS INDICATES HOW
COMPLEX MODERN FARMING HAS BECOME.
Mitch Morehart: Most of the farms that are out
there operate themselves like big businesses.
They have very structured organizations.
They have managers for different aspects of the farm.
It's a very complex, rapidly growing sector of the economy.
IN WASHINGTON D-C FOR THE U-S DEPARTMENT OF AGRICULTURE,
I'M BOB ELLISON.