U.S. Farm Income Forecast to Fall 21% From 2013 on Crop Prices
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Declining commodity prices will reduce the 2014 profits of U.S. farmers to $96.9 billion, 21 percent lower than 2013’s record $122.8 billion, according to the Department of Agriculture.
The estimate for net income this year was cut 14 percent from an August forecast on declining corn and soybean prices, according to a report released today by the USDA. Revenues from pigs and cows will still be a record, though off from peaks reached earlier this year.