U.S. farm income will jump 31 percent this year to a record $103.6 billion because of higher crop and livestock prices, the government said.

The U.S. Department of Agriculture boosted its forecast from $97.3 billion forecast in February. Income last year totaled $79.1 billion. Receipts from sales of farm commodities will jump 18 percent from last year, with values for crops including corn, soybeans, wheat and cotton surging to $33.6 billion and livestock sales climbing to $22.4 billion, the department said today in a report on its website.