Weathering the storm: Net farm incomes projected to decline by more than 26 percent in 2014

According to the USDA, net farm income is expected to decline by 26.6 percent in 2014. This will put net income at its lowest level since 2010.

Given these projections, farm operators will be looking for ways to trim expenses in the coming year(s).

Five-part series: Controlling Costs with Lower Crop Revenues. With this in mind, University of Illinois Agricultural Economist Dr. Gary Schnitkey has prepared information about how farm operators can best control costs. This information is being released in five installments on the farmdoc daily website. Three of the five part series have been released since January 22:

Part 1: Controlling Costs with Lower Crop Revenues: A Historical Overview

Part 2: Controlling Costs with lower Crop Revenues: Fertilizer Costs

Part 3: Controlling Costs with Lower Crop Revenues: Direct Costs

Part 4: Controlling Costs with Lower Crop Revenues: Machinery Costs

Part 5: Controlling Costs with Lower Crop Revenues: Cash Rents

Economic resources: farmdoc and farmdoc daily. Faculty from the University of Illinois Department of Agriculture and Consumer Economics started the farmdoc project in 1999. According to its developers, farmdoc (which stands for Farm Decision Outreach Central) was established to provide an online "comprehensive information system for farm decision-making under risk".

A blog called farmdoc daily was developed as part of the larger project. A new article is posted to farmdoc daily each weekday. According to farmdoc Team Leader Dr. Scott Irwin farmdoc daily articles focus on ""Corn Belt farm economics," with an emphasis on management, marketing, finance, policy, law, and taxation issues".