Despite recent price declines, 2008 remains a historically strong year for the agricultural economy, according to a new report from USDA, Agricultural Income and Finance Outlook. The past four years witnessed exceptional earnings for U.S. agriculture. Including the forecast for 2008, crop and livestock production values each will have established new highs in three of the last five years (2004, 2007 and 2008). Likewise, agriculture's net value added to the U.S. economy will have established three new record highs. Net cash income also established multiple record highs between 2004 and 2008.
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