Red Lake Nation News - Babaamaajimowinan (Telling of news in different places)

U.S. farm income will drop by 9% in 2020, USDA forecasts


February 7, 2020

The USDA forecasts a 9% drop in farm profits in the U.S. this year, as corn and soybean prices remain ultralow. File photo of corn being transferred to a truck at an elevator in Lake City, Minn.

U.S. farm income is forecast to fall by 9% in 2020 due to rising expenses, lower government payments and ultralow prices for corn and soybeans, the nation's biggest crops.

That decline will happen even though farm revenue is projected to rise 2.7%, according to data released this week by the U.S. Department of Agriculture.


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