U.S. farm income seen down 17.2 percent in 2016 at seven-year low: USDA

Source: By Karl Plume, Reuters • Posted: Friday, December 2, 2016

U.S. net farm income is expected to drop for a third consecutive year in 2016, sinking 17.2 percent to $66.9 billion, the lowest level since 2009, the U.S. Department of Agriculture said on Wednesday.

The updated forecast from the agency’s Economic Research Service was down from its August forecast of $71.5 billion and down 46 percent from record profits for the sector of $123.7 billion in 2013.