This year's farm income may end up being higher than current projections.

Participants: Gary Crawford and Agriculture Secretary Tom Vilsack.

Transcript

USDA's first forecast for farm income this year was issued back in early February and it projects about a 24 percent decline in net cash farm income this year.

However, I still believe that we will see a better income than what is projected.

Agriculture Secretary Tom Vilsack told a Monday session of AgriPulse's Food Policy Summit.

Oftentimes at first projection is oftentimes quite pessimistic and I'm hopeful that we'll see an uptick in income over the course of the year.

Vilsack said even if that does not happen, farmers are in better shape to handle a cut in income because of Three years of historic growth in farm income, which has created strong liquidity in farm country, both in the ability to both meet short term and long term responsibilities and financial requirements.

So most analysts don't expect a surge of bankruptcies or foreclosures.

Gary Crawford for the U.S. Department of Agriculture.