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Despite a nse in U.S. farm income, a sharp drop in the value of farmers’ assets contributed to continued financial difficulties. The 1984 farm financial picture was especially uneven, with some types of farms doing better, and others worse, than in 1983.
One key to the 1984 farm situation was the recovery in farm production. Crop output increased more than 25 percent because of more acres planted and generally favorable weather, in contrast to 1983’s lower production caused by drought and acreage-reduction programs.
Output of all livestock and products except pork and milk increased. The larger 1984 farm production resulted in a 17 percent increase in farm productivity from the depressed 1983 level.
With large supplies, domestic consumption of farm products increased, and U.S. farm exports rose by five percent for the year ending Sept. 30, 1984. Farm prices started out 1984 at high levels but fell during the second half anticipating large harvests. Farmers’ cash receipts for the year rose slightly, and government payments, an additional income source, remained at a high level.
Although farmers bought more inputs for larger plantings, small increases in input prices held the rise in total farm production expenses to
90.5%