USDA has raised its forecast of 2010 U.S. net farm income to $81.6 billion, up from $77.1 billion (+6%) in its previous forecast on August 31. The revised 2010 net farm income forecast is now 31% above USDA’s unrevised 2009 net farm income forecast, and is 26% above the previous 10-year average of annual net farm income.

USDA also increased its forecast for 2010 crop cash receipts by 5% to $173.1 billion, as well as the its 2010 livestock cash receipt forecast to $139.8 billion, up 2% from its previous forecast. USDA now expects cash receipts to increase 10% from unrevised 2009 levels (previously forecasted a 6% increase).