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U.K. Farmer Profit Outlook Cut By HSBC After Excess Rain

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June 12 (Bloomberg) -- Profits for crop farmers in the U.K. may be smaller than previously expected after wet weather reduced quality and spurred some abandonment of acres, said Allan Wilkinson, the head of agriculture at HSBC.

Profits for an average 650-hectare (1,600-acre) farm may be as low as 105,000 pounds ($164,490) in 2013, compared with a forecast in October of 244,215 pounds, Wilkinson said today at the Cereals conference near Lincoln, England. In 2012, profits were 260,657 pounds for a farm that size raising wheat, beans, barley and rapeseed. Crops this season are of “very variable quality” after excess rainfall, he said in an interview.

“It comes down to the impact of weather,” Wilkinson said. “There are increasing short-term issues surrounding cash flows.”

To contact the reporter on this story: Whitney McFerron in London at wmcferron1@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net