It would be easy to take a negative view of 2009—the International Monetary Fund is projecting world economic growth at 0.5%, the lowest since World War II. World trade in goods and services is expected to decline by 2.8%, the first decline in world trade since 1982.
As a result, USDA forecasts U.S. ag exports will drop by $20 billion to $95.5 billion, USDA Chief Economist Joe Glauber told the Ag Outlook Conference. But that is still $13 billion over 2007 and the second highest on record.
Likewise, net cash income is forecast at $77.3 billion, down $16.1 billion from last year. Crop receipts are forecast at $162.4, down $18.7—but still the second best ever. Livestock receipts are pegged at $132.2 billion, down $10.9 billion from 2008, led by lower milk prices.