Farm income will likely drop nearly 7 percent from last year to $59.5 billion, according to a U.S. Department of Agriculture report released Wednesday. The drop is due to continued low prices for crops like corn and soybeans, as well as higher fuel and labor costs.
“It’s not a rosy picture,” University of Missouri market analyst Scott Gerlt says. “Anyone who has been around agriculture knows that the past few years haven’t been as good.”
Already, it’s tough for producers to turn a profit on grain, due to good weather and large harvests in recent years, Gerlt says.