Reuters: U.S. farm incomes seen soaring to new highs on global food, feed demand
1 Dec 2022
News
CHICAGO, Dec 1 (Reuters) - Soaring grain and livestock prices are expected to push U.S. farm incomes to a historic high this year, as producers benefit from strong global grain and oilseed demand amid tight supplies, the U.S. Department of Agriculture reported on Thursday.
Net farm income - which is a broad measure of profits in the agricultural economy, according to the agency - is forecast to increase to $160.5 billion in 2022 from $141.0 billion a year earlier, an increase of $19.5 billion.
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