U.S. Farm Income Projected to Reach $120.6B in 2013

U.S. Farm Income Projected to Reach $120.6B in 2013

By Amanda Brodhagen, Farms.com

The U.S. Department of Agriculture (USDA) expects this year’s farm income to surpass 2011’s record of $118 billion.

American farmers could earn about $120.6 billion net income in 2012, the agency said. The USDA had initially forecasted in Feb. farm income could reach $128.2 billion but lowered its estimates to reflect lower corn prices.

While farm incomes are expected to increase, the agency said farmers and ranchers are also expected to see higher input costs. Farm expenses are predicted to jump $13.1 billion to $354.2 billion. The USDA will update its farm income estimate for 2013 again on Nov. 26.