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Farm Profits to Decline 27% From Record Amid Waning Crop Boom

A waning boom in U.S. crop prices will cut annual farm profits 27 percent this year from a record, potentially denting demand for Deere & Co. tractors and Monsanto Co. chemicals, the government said.

Agricultural net income will be $95.8 billion, down from a revised $130.5 billion last year, the U.S. Department of Agriculture said today in its first 2014 forecast. Income for major crops including corn, soybeans and wheat will be $189.4 billion, down 12 percent, while all expenses for feed, chemicals and other items will be $348.2 billion, down 11 percent.