U.S. Farm Income to Hit 12-Year Low
- 2018 U.S. farmer income forecast 6.7% lower at $59.5 billion
- Global grain gluts have sparked multiyear rout for crop prices
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Crop prices may be showing some recent signs of life, but that’s of little comfort for American farmers who are forecast to see their incomes fall to a 12-year low.
Farmer profits will drop 6.7 percent this year to $59.5 billion, the U.S. Department of Agriculture said Wednesday in its first forecast for 2018. That’s the lowest since 2006 and would be down 52 percent from a record $123.8 billion in 2013.