US farm income rises 32 percent to $87.5 billion; subsidies down $3.7 billion

The USDA Economic Research Service projected that US farm income would reach a record $87.5 billion in 2007, up $28.5 billion over 2006. Crop production is expected to increase by $30 billion and livestock production by $20 billion. Subsidy payments to US farmers are expected to decrease $3.7 billion in 2007 compared to 2006.

Free Subscription to the Daily Biofuels Digest e-newsletter

Related Stories

Study says capital cost to meet US 36 million gallon mandate is $105.5 billion

In Washington, LECG released a study projecting that the capital cost to meet the proposed 2022 Renewable Fuel Standard of 36 billion gallons would be $105.5 billion. The report also detailed that ...

$3 billion US ethanol subsidy produced $6 billion reduction in farm subsidies: researcher

In Florida, an editorial in the Tampa Tribune quoted findings Bruce Dale, professor of biobased technologies at Michigan State University, that the US ethanol subsidy cost $3 billion last year, but re...

Iowa State study finds US ethanol policies saved government $2.65 billion in 2007

An Iowa State research team has investigated farm subsidies, farm income, and ethanol mandates, incentives and tariffs. The conclusion: ethanol policies have saved the US government $2.65 billion in 2...

Agricultural Secretary says Farm Bill is dead unless gimmicks, tax credits, tax increases are shelved

In South Dakota, acting Agriculture Secretary Chuck Conner said that he is recommending veto of the Farm Bill unless tax increases and budget gimmicks are removed, as well as credits for farmers makin...

President Bush may veto Farm Bill; first veto since 1956; “excessive subsidies” in $300 billion package; leading subsidy recipients published

In Washington, fears are growing the US President George W. Bush will veto the Farm Bill over "excessive subsidies". The $300 billion, five-year billion bill emerged from a House-Senate conference thi...

US subsidies for fossil fuels 158% greater than renewables, says report; gov’t looks for phase out

In Washington, the federal government is said to be considering a phased end to fossil fuel subsidies. The oil, natural gas and coal industries received $72.5 billion subsidies over the past six-years...