U.S. farm income will drop 8.7 percent in 2017, a fourth consecutive year of declines amid a deep slump in prices for many crops, according to The Wall Street Journal.
The forecast highlights a deepening downturn in the U.S. agricultural economy, brought on by four straight years of ample corn and soybean harvests that have added to record grain supplies globally.
U.S. farmers last year harvested the biggest corn and soybean crops ever with 15.2 billion bushels of corn and 4.3 billion bushels of soybeans, according to The Wall Street Journal.
The U.S. Department of Agriculture said Tuesday that net farm income will drop to $62.3 billion, half of the record $123 billion farmers earned in 2013.
Crop receipts are projected to fall 0.5 percent this year amid ongoing price declines for key U.S. crops, with the exception of soybeans and cotton.
Wheat receipts are expected to fall more than 16 percent as prices drop and farmers sell less of the grain, but due to strong export demand, futures prices for soybeans have risen 4.6 percent so far this year.
Livestock receipts are expected to rise slightly this year amid improving prices for milk and eggs. Prices for red meat and turkey are expected to drop, while broiler chicken prices will remain stable, the government said, according to The Wall Street Journal.