U.S. Farm Income Soards On Strong Production

U.S. Farm Income Soards On Strong Production

Spencer, IA: (Nov. 26, 2013) – Federal forecasters increased their estimate for U.S. farm income this year to $131-billion, as bumper corn and soybean harvests help farmers offset lower prices for their crops.

Net farm income will rise 15% from last year to the highest level on an inflation-adjusted basis since 1973, according to the U.S. Department of Agriculture.

The income gains reflect a sharp increase in production of corn and soybeans in parts of the Midwest a year after a severe drought hurt yields. Economists say price gains for vegetables, hay and nuts, along with bigger-than-expected corn and soybean crops are behind the gains.

But economists warn the farm-income boom will likely soften next year because of the sharp drop in corn prices that will carry into 2014 and squeeze farmers’ profits. Well Fargo ag economist Michael Swanson commented, “Next year’s income is going to be a lot softer.”

Recent Headlines

today in Music

Road, bridge renamed for Duane Allen of Oak Ridge Boys


The road that runs just a few hundred yards past where Duane Allen of the Oak Ridge Boys was born.

today in Entertainment

Lupita Nyong’o, Scarlett Johansson close to signing on for ‘Jungle Book’


Idris Elba will voice the villainous tiger Shere Khan in the latest adaptation of Rudyard Kipling's adventure tale.

today in Music

Rascal Flatts hosting album release party for charity


The trio's ninth album, "Rewind," is slated for release on May 13.

today in Entertainment

John Leguizamo chops off fingertip during filming of ‘Chef’


The actor came away from filming with a new-found respect for kitchen staff, a few tips and a great party tale.

today in Music

Happy Birthday to the original ‘American Idol’


PHOTOS: Since being crowned the first "American Idol" in 2002, Kelly Clarkson has had a whirlwind career.