US Farmers Cautious On Income, Investment: Survey
Faizan Hashmi Published February 27, 2020 | 02:00 AM
Washington, (UrduPoint / Pakistan Point News - 27th Feb, 2020 ) :A majority of US farmers and ranchers expect flat or lower profits and declining investment in 2020 despite much-touted new US trade agreements, according to a survey released Wednesday.
While farmers are "cautiously optimistic" that the US-China trade agreement and a new North American trade agreement with Mexico and Canada will lift exports, "they are reluctant to make significant investments in buildings, machinery or equipment," said the American Farm Bureau Federation.
More than 86 percent plan to "keep their capital investments to a minimum in 2020," according to a survey of about 300 people conducted by the farm advocacy organization.
The caution reflects in part the impact of higher operating costs, which have risen by 16 percent over the last decade.
US farm incomes are projected to rise 3.
3 percent this year to $96.7 billion, due in part to government subsidies, according to the latest forecast by the US Department of Agriculture.
Median farm household income grew an estimated 5.6 percent between 2018 and 2019 to $76,810 after declining between 2015 and 2018, the USDA said.
For 2020, median income is projected to decline 0.3 percent, according to the government.
Almost 50 percent of those in the survey expect commodity prices to remain at the same levels in 2020, with fewer than 25 percent expecting an increase.
But survey participants were more optimistic about the medium term, with more than 45 percent expecting higher prices over the next five years.
Under the "phase one" trade deal with the US, China promised to boost spending on US farm goods by $32 billion over the next two years.
Related Topics
Recent Stories
Team behind Italian film 'Io Capitano' returns to Senegal
Alleged kidnapper and molester of 3-year-old killed in Police shootout
Indian IT giant Infosys posts lower than expected revenue growth
DC Khanewal leads anti-dengue drive
CS Sindh chairs meeting to accelerate Sehwan development initiatives
UN chief warns Mideast on brink of 'full-scale regional conflict'
PML-N persistently advocates for engaging dialogue: Asif
Germany arrests two over military base attack plot for Russia
8 injured over land dispute in Bahawalnagar area
Kenya military helicopter crashes with defence chief on board: police
Two brothers involved in the murder case arrested in Attock
Two arrested in Attock attempted murder case
More Stories From Miscellaneous
-
Amjad Bobby remembered on 19th death anniversary for timeless contributions to music
3 days ago -
Legendary actor Nadeem’s 26 films released on Eid-ul-Fitr days in 50 years
4 days ago -
Besant Hall Cultural Centre to celebrate evening with Sanam Marvi on 26 April
4 days ago -
Radio Bahawalpur presents program “Eidi Shidi”
7 days ago -
Radio Bahawalpur to broadcast Eid programs
10 days ago -
DC, DPO Haripur inspect bus terminals to review fares compliance
11 days ago
-
Second phase of refugees’ repatriation to start after Eidul Fitr vacations
12 days ago -
Reaping bounties as Ramazan culminates
12 days ago -
Digital transformation – a boon or bane
12 days ago -
Plants’ business: Another casualty of climate change
14 days ago -
Eid shoppers prioritize children’s joy over personal comforts
14 days ago -
Besant Hall Cultural Centre honoring Pir Hassam din Rashdi to take place on April 1
18 days ago