The Rising Influence of Rising Affluence

[jbog]

U.S. farm incomes will drop 8.7% in 2017, a fourth consecutive year of declines amid a deep slump in prices for many crops.

The U.S. Department of Agriculture Tuesday said net farm income will drop to $62.3 billion, half of the record $123 billion farmers earned in 2013.

The forecast highlights a deepening downturn in the U.S. agricultural economy, brought on by four straight years of bumper corn and soybean harvests that have added to record grain supplies globally. U.S. farmers last year harvested the biggest corn and soybean crops ever: 15.2 billion bushels of corn and 4.3 billion bushels of soybeans.




https://www.wsj.com/articles/u-s-farm-income-seen-falling-for-fourth-straight-year-1486486691