The U.S. Dept. of Agriculture reported that farm profits are expected to rise 28 percent to $100.9 billion this year and the amount of cash farms have also is expected to rise.
New feeds have allowed livestock farmers to earn a profit despite higher grain prices, something that was tougher in years past. In addition, higher farm income also could have a ripple effect, given that an estimated one in 12 U.S. jobs rely at least in part on agriculture, the USDA said.
High prices on certain crops and high demand for corn for ethanol have been the key to farmers’ success. Crop sales are expected to go over the $200 billion mark while livestock sales are expected to exceed $100 billion.
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