Tue Nov 26, 2013 01:38 PM CST

(Dow Jones) -- Federal forecasters increased their estimate for U.S. farm income this year by 9% to $131 billion, as bumper corn and soybean harvests help farmers offset lower prices for their crops.

Net farm income will rise 15% from $113.8 billion last year to the highest level on an inflation-adjusted basis since 1973, the U.S. Department of Agriculture projected Tuesday.

The income gains reflect a sharp increase in production of corn and soybeans in the U.S. Midwest just a year after a severe drought curtailed harvests. Profits also are expected to be higher because growers of crops such as ...

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