Net farm income to surge 48%, USDA says
WASHINGTON — U.S. net farm income in 2007 will be nearly 48 percent greater than a year earlier, and more than forecast in February, as higher grain and livestock prices offset increased production costs, the government said Thursday.
Net income will reach a record $87.1 billion, up from a revised $59 billion last year, the Agriculture Department said in a report on its Web site. In February the USDA projected net farm income of $66.6 billion for 2007. Cash expenses will rise 8.5 percent, to $222.6 billion, the highest ever.