USDA: Farm Incomes Forecasted To Drop
The rural economy may take a hit this year, according to the U.S. Department of Agriculture. As Harvest Public Media’s Amy Mayer reports, farm incomes are forecast to drop.
USDA expects net farm income to be down 36 percent this year compared to last.
USDA economist Mitchell Morehart says lower commodity prices and current land values and production expenses make the most recent forecast bleaker than government estimates from last spring.
"We see declines being widespread, in other words there is not a region of the country where incomes are going to go up in 2015 in our current forecast," he says.
Lower prices for corn, soybeans, wheat and hogs will particularly impact Midwest farms.