Farmers Seen Growing More Yet Earning Less as U.S. Drought Ebbs
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Farm income may fall this year even as the worst U.S. drought since the 1930s eases, economists say.
The government’s first farm-income forecast for 2013 today may show crop revenues down from last year as increased production drives prices lower, said Pat Westhoff, director of the Food and Agricultural Policy Research Institute at the University of Missouri. Livestock sales volume probably will fall, with the cattle herd at the smallest in 61 years, he said.