FarmPolicy

October 30, 2014

Economic Research Service- 2007 Farm Income Forecast Update

Reuters news reported today that, “Rising prices for wheat, soybeans and other commodities should propel U.S. net farm income to a record $87.5 billion this year, up sharply from about $59 billion in 2006, the U.S. Department of Agriculture forecast Thursday.

“‘The higher prices available to U.S. farmers are principally resulting from strong demand from the domestic biofuels industry and from foreign buyers. As a result, farmers have lots of production to sell at high prices,’ the USDA said in its farm income report.

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