US farm in­come to hit $71 bil­lion in 2016

China Daily (USA) - - BUSINESS -

TheUS De­part­ment of Agri­cul­ture fore­cast that farm­ers will see more profit this year than it pre­vi­ously pre­dicted as costs de­clined for feed, fuel and fer­til­izer. US farm net in­come will be $71.5 bil­lion in 2016, theUSDA said on Tues­day in a report on its web­site. That’s 30 per­cent more than the agency’s Fe­bru­ary es­ti­mate, though still 11 per­cent smaller than 2015’s net in­come. Prof­its have tum­bled from their $123.8 bil­lion peak in 2013, when agri­cul­tural com­mod­ity prices were stoked by ris­ing global de­mand, a do­mes­tic drought that crimped sup­plies of corn and cat­tle, and a virus that dev­as­tated hog herds. Crop and live­stock in­ven­to­ries have re­cov­ered since then, cre­at­ing sur­pluses that con­tinue to de­press prices and re­duce rev­enues.

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