U.S. Farm Income Set to Drop 22% on Crop Slump, Cost Gain
U.S. Farm Income to Fall 22% on Lower Crop Prices
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Declining commodity prices will reduce the 2015 cash profits of U.S. farmers to $89.4 billion, the third straight decline and the biggest single-year drop since 1931-1932, according to the Department of Agriculture.
Revenues from corn, wheat and other crops will be $182.6 billion, a 7.9 percent decline from 2014, with lower prices pinching sales for equipment maker Deere & Co. and chemical makers including Syngenta AG. Livestock sales will fall 4.9 percent from last year’s record, the USDA said in its first farm-income forecast of the year.