CHICAGO (Dow Jones) -- Income on U.S. farms is expected to climb this year as crop production grows following last summer's deep drought, federal forecasters said Monday.
The U.S. Department of Agriculture forecasts net farm income to be $128.2 billion in 2013. That would be an all-time, nominal high and the highest since 1973 on an inflation-adjusted basis.
Forecasters said they expect production to climb from last year, with volumes from larger harvests offsetting price declines. The USDA projections assume crop production will return to historic levels after last year's drought.
The agency also expects a climb in the value ...