According to current U.S. Agriculture Department estimates, Arkansas will set new records this year in soybean and rice production.
The estimates were part of an agriculture report in the Federal Reserve Bank of St. Louis’ Burgundy Book for the second quarter.
USDA estimates say soybean production will be up 9.7 percent to 154 million bushels, while rice production will reach 117 million CWT. Cotton production is also expected to rise this year, but not to historic levels.
Corn production is expected to fall significantly from totals in the previous year.
Farm income in Arkansas increased by 43 percent between 2007 and 2012, but current forecasts expect the upward trend to stop this year.
“Lower commodity prices and the reduction in government farm programs payments will significantly lower farm income this year,” one central Arkansas contact said.
Other highlights include:
- Agricultural bankers expect greater availability of loanable funds and a higher rate of loan repayment in the third quarter relative to the same time let year.
- Arkansas mining and logging employment in the second quarter increased modestly over values from a year earlier. Mining and logging employment growth for the nation continued in the second quarter, marking four years of continuous growth.
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