USDA Sees Farm Income Down Sharply

U.S. farm income is expected to drop sharply in 2012 from last year’s record high as production costs rise by more than $10 billion for the second year in a row and crop receipts are limited by drought, USDA said on Monday in its first income forecast for this year.

Net farm income is forecast at $91.7 billion in 2012, down $6.3 billion or 6.5% from the 2011 forecast of […]