Spencer, IA: (Feb. 12, 2014) – The U.S. Agriculture Department expects net farm income this year to be $95.8 billion dollars, the lowest level since 2010, due to a sharp decline in corn and soybean prices.
The USDA says net farm income will decline due to an almost $11-billion decline in corn receipts and a decline of more than $6-billion in soybean receipts.
As tough as that sounds, it is a set-back from record territory. Farm income roughly doubled from 2006 through 2011 as rising global demand drove prices higher. Farm income last year was just over $130-billion, a nominal all-time high.