The U. S. Agriculture Department issued crop and trade forecasts in its annual Outlook Forum, this week. According to the USDA, the farm income in U. S. would be increased by nearly 12% and should be around $63 billion in the year 2010 as the economy is seeing a recovery very fast.

"Now that the U. S. economy has stabilized and is showing signs of improvement, consumers are expected to increase their consumption of animal products, thus firming up market prices and improving the earnings of livestock producers, led by dairy farmers and cattle producers," USDA said in its forecast last week.

The report also revealed that U. S. farm exports will also see a record growth this year. According to USDA, exports will reach $100 billion for the fiscal year. USDA is expecting a 9% growth in U. S. beef exports and said that the export figures for beef would be around 2.04 billion pounds this year. Also in its outlook report, USDA expects the Pork exports to reach the level of 4.5 billion pounds, increasing by 9%.

The Agriculture Department also raised its expectations for cotton exports and said that the cotton exports are estimated to be 12.6 million bales, increasing by 5% as the global consumption of cotton is expected to see a growth of 2.6% in 2010.