U.S. Farm Income Projected to Drop in 2012

Wednesday, February 15th, 2012

Farm income will drop sharply from 2011's record high as production costs rise by more than $10 billion for the second year in a row, the U.S. Agriculture Department said this week in its first income forecast for this year.

USDA estimated net cash farm income, a measure of solvency, at $96.3 billion, down 11.5 percent from 2011, when it topped $100 billion for the first time. USDA said it was the smallest decline since 2000 for the volatile income figure and that net cash farm income would be far above the 10-year average, reports Reuters.

Read More: US Agnet