A steady-state farm economy is the outlook for 1990. Total sales are projected to rise to record levels of $160-$163 billion. Net cash farm income could rise to the mid $50 billion range even though direct government payments may decline.Net farm income may be down 4 percent in 1990. Farm equity is expected to increase in 1990 for the fourth year in a row, due mainly to higher average land values. The financial position of farmers is stronger that at any time since the early 1980's.