The U.S. Department of Agriculture (USDA) stated in a recent report that net income for farmers is expected to fall by nearly 32 percent this year, as corn and soybean prices remain low and expenses creep higher, reports ABC News.
USDA’s report estimates U.S. farmers will see income fall for a second year in a row. It was down 16 percent from 2013 to 2014. The report forecasts net income at $73.6 billion in 2015, down from $108 billion from 2014.
Farmers who own land with a low cost of production will likely still make a profit, while those who rent land at higher prices will struggle.