US agriculture has fifth consecutive prosperousyear.

US agriculture has fifth consecutive prosperous year--Floyd Gaibler, USDA undersecretary, Farm and Foreign Agriculture Services, says agriculture has enjoyed an unprecedented period of prosperity over the past five years. Estimates indicate record cash receipts for the fifth straight year. Net farm

income, based on USDA Nov. 29, 2007, estimates, is set at $87.5 billion, up $28.5 billion from 2006. Estimated crop and livestock values are also set at record highs, $148.5 billion for crops and $140 billion for livestock. Prospects look good for 2008, as well, in spite of rising production costs, mainly from a 22 percent rise in fuel costs, a significant jump in fertilizer and materials and most other expenses at an all time high. Debt to asset ratio is at 10 percent and (farm) net worth is at $2 trillion, with a 60 percent increase in equity. Export sales are growing and are at a record level, spurred by the rising middle class in developing countries. Estimates indicate a $91 billion export market for 2008--an increase of $22.5 billion in two years. A strong global demand for grains four out of the last five years "has outpaced production," Gaibler said. Tight rice stocks have pushed prices, and declining stocks in the United States and in global markets support the price.