USDA Forecast Farm Income to Decline
Wed Feb 12, 2014 04:21 PM CST

(Dow Jones) -- Federal forecasters expect U.S. farm income to decline 26.6% to $95.8 billion this year, the lowest level since 2010, due to a sharp drop in corn and soybean prices.

The Department of Agriculture projected that U.S. net farm income would decrease due to an almost $11-billion decline in corn receipts and a decline of more than $6 billion in soybean receipts. Corn and soybean prices fell last year as U.S. growers harvested large crops, including the biggest U.S. corn crop in history.

Farm income last year was $130.5 billion, a nominal all-time high.

Farm incomes roughly doubled ...

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