95 



A-3 



Aggregate Income Data (see attached tables) 



Cash receipts in 1990-92 were in the $167-170 billion range, 

 reflecting farmers' large crop and livestock marketings and 

 generally favorable farm prices over the 1990-92 period. Cash 

 receipts in 1993 are forecast to continue near the $170 billion 

 record. Direct government payments fell sharply at the end of 

 the 1980' s, but have been stable in the $8-9 billion range since. 

 They are expected to rise in 1993. Cash expenses have also been 

 steady so far in the 1990 's and are forecast to increase 

 marginally in 1993 by possibly $2 billion, or only 1.4 percent. 

 This would keep net cash income in the recent $58-61 billion 

 range in 1993. 



Farm asset values have changed little since 1990, averaging 

 $845 billion. Farmers have also been slow to increase their debt 

 loads, however, and borrowing has increased only $3 billion so 

 far in the 1990' s. This translated into small changes in equity 

 and the pattern is likely to continue for 1993. While less 

 favorable than the 1970' s when rising asset values overshadowed 

 larger borrowings and pushed equity up sharply, the financial 

 situation of farms is much improved compared with the mid-1980's. 

 Less than 5 percent of farms are now vulnerable or half the level 

 of the mid-1980's. 



