US farmers eye record profits
By Gregory Meyer in New York
US farmers are heading for their most profitable year on record despite the worst drought in half a century as high grain prices and payouts from a
Seal of the United States Department of Agriculture (Photo credit: Wikipedia)
federal crop insurance programme compensate for a smaller harvest.
Net farm income will reach $122.2bn in 2012, the highest-ever nominal profit and the second highest in inflation-adjusted terms after 1973, the US Department of Agriculture said in its first forecast since drought spread across the corn belt.
The expected 4 per cent increase in average farm profit from 2011 comes as agricultural states, including Iowa and Ohio, have emerged as battlegrounds in the November presidential election and lawmakers have failed to renew legislation outlining agricultural subsidies ahead of its expiry on September 30.
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About James SmithJames is a father of four and grandfather to four cute little bugs. He and his wife Beautiful Gorgeous, of almost 30 years, have been prepping since 2003.
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