The U.S. Department of Agriculture (USDA) released its Farm Income Report, which shows a 31% increase in farm income for 2010 over 2009 numbers.

The forecast puts 2010 income at $81.6 billion—26% higher than the 10-year average ($64.8 billion) for 2000-2009. Net cash farm income set a new record at $92.5 billion, 2.3% above the previous record attained in 2008. “Today’s farm income report shows that America’s farmers and ranchers are helping to lead the country’s economic recovery," said Agriculture Secretary Tom Vilsack. "All three measures of farm sector earnings have experienced a rapid rebound in 2010 and other indicators—such as farm asset values—point to a sustainable recovery."

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Vilsack said some credit for the positive numbers should be given to the 2008 Farm Bill, the Obama Administration's Recovery Act and increased agricultural exports.