U.S. farm income is expected to fall 14% in 2014.
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This is a four year low, as expectations for record corn and soybean crops have pushed commodity prices to their lowest point in many years, the Agriculture Department said this week.
Net farm income is expected to be $113 billion this year, down from $131 billion last year, the USDA said.
“The 2014 forecast would be the lowest since 2010, but would remain $25 billion above the previous 10-year average,” the government said in its farm income forecast. “Lower cash receipts for crops and, to a lesser degree, higher production expenses and reduced government farm payments, drive the expected drop in net farm income.”