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Representative Farms Economic Outlook for the December 2003 FAPRI/AFPC Baseline

Author

Listed:
  • Richardson, James W.
  • Outlaw, Joe L.
  • Anderson, David P.
  • Raulston, J. Marc
  • Herbst, Brian K.
  • Sartwelle, James D., III
  • Schwart, Robert B., Jr.
  • Schumann, Keith D.
  • Feldman, Paul A.
  • Klose, Steven L.
Abstract
The farm level economic impacts of the Farm Security and Rural Investment Act of 2002 on representative crop and livestock operations are projected in this report. The analysis was conducted over the 2001-2008 planning horizon using FLIPSIM, AFPC’s whole farm simulation model. Data to simulate farming operations in the nation’s major production regions came from two sources: - Producer panel cooperation to develop economic information to describe and simulate representative crop, livestock, and dairy farms, and - Projected prices, policy variables, and input inflation rates from the Food and Agricultural Policy Research Institute (FAPRI) December 2003 Baseline. The FLIPSIM policy simulation model incorporates the historical risk faced by farmers for prices and production. This report presents the results of the December 2003 Baseline in a risk context using selected simulated probabilities and ranges for annual net cash farm income values. The probability of a farm experiencing annual cash flow deficits and the probability of a farm losing real net worth are included as indicators of the cash flow and equity risks facing farms through the year 2008.

Suggested Citation

  • Richardson, James W. & Outlaw, Joe L. & Anderson, David P. & Raulston, J. Marc & Herbst, Brian K. & Sartwelle, James D., III & Schwart, Robert B., Jr. & Schumann, Keith D. & Feldman, Paul A. & Klose, , 2003. "Representative Farms Economic Outlook for the December 2003 FAPRI/AFPC Baseline," Briefing Series 42695, Texas A&M University, Agricultural and Food Policy Center.
    • Handle: RePEc:ags:tamfbs:42695
    DOI: 10.22004/ag.econ.42695
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    Cited by:

    1. Richardson, James W. & Outlaw, Joe L. & Raulston, J. Marc & Knapek, George M., 2005. "Impacts of Budget Reconciliation on U.S. Crop Producers," 2005 Annual meeting, July 24-27, Providence, RI 19540, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    2. Adhikari, Shyam & Knight, Thomas O. & Belasco, Eric J., 2013. "Yield Guarantees and the Producer Welfare Benefits of Crop Insurance," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 38(1), pages 1-15, April.
    3. Adhikari, Shyam & Knight, Thomas O. & Belasco, Eric J., 2012. "Evaluation of Crop Insurance Yield Guarantees and Producer Welfare with Upward-Trending Yields," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 41(3), pages 1-10, December.
    4. Behrens, Gesine Maren & Lasner, Tobias & Brinker, Alexander & Schumann, Mark, 2019. "Viability of cork-enriched feed in trout farming: An agri benchmark fish study on innovative aquaculture techniques," Thünen Working Papers 116, Johann Heinrich von Thünen Institute, Federal Research Institute for Rural Areas, Forestry and Fisheries.
    5. Anderson, David & Anderson, John D. & Sawyer, Jason, 2008. "Impact of the Ethanol Boom on Livestock and Dairy Industries: What Are They Going to Eat?," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 40(2), pages 573-579, August.
    6. Monge, Juan J. & Ribera, Luis A. & Jifon, John L. & da Silva, Jorge A. & Richardson, James W., 2014. "Economics and Uncertainty of Lignocellulosic Biofuel Production from Energy Cane and Sweet Sorghum in South Texas," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 46(4), pages 457-485, November.
    7. Anderson, David P. & Richardson, James W. & Smith, Edward G., 2001. "Post-Freedom to Farm Shifts in Regional Production Patterns," Working Papers 42777, Texas A&M University, Agricultural and Food Policy Center.
    8. Herbst, Brian K. & Anderson, David P. & Outlaw, Joe L. & Richardson, James W., 2010. "Relative Profitability of Dairy Farms in a High Feed Cost Environment," 2010 Annual Meeting, February 6-9, 2010, Orlando, Florida 56440, Southern Agricultural Economics Association.
    9. Palma, Marco A. & Richardson, James W. & Roberson, Brad E. & Ribera, Luis A. & Outlaw, Joe L. & Munster, Clyde, 2011. "Economic Feasibility of a Mobile Fast Pyrolysis System for Sustainable Bio-crude Oil Production," International Food and Agribusiness Management Review, International Food and Agribusiness Management Association, vol. 14(3), pages 1-16, September.
    10. Herbst, Brian K. & Anderson, David P. & Outlaw, Joe L. & Richardson, James W. & Mazurkiewicz, Stephanie, 2014. "Risk Reducing Effects of the Dairy Security Act on Southern Dairies," 2014 Annual Meeting, February 1-4, 2014, Dallas, Texas 162537, Southern Agricultural Economics Association.

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