U.S. Farm Income Will Drop for Third Year in Commodity Slump
- Costs seen lower in consecutive years for first time since '86
- USDA sees farm debt-to-equity ratio higher for fourth year
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The U.S. Department of Agriculture forecast that farmers will face a drop in profit for the third straight year as persistent surpluses depress crop and livestock prices.
Farm net income will be $54.8 billion in 2016, the USDA said Tuesday in a report on its website, 2.8 percent less than the $56.4 billion estimated for 2015.