Farm income is forecast to increase over last year, helped by insurance payouts from the crop-insurance program covering losses from the disastrous drought in much of the country, but a insurance associations argue that the program is not a \u201cbailout\u201d that guarantees profits for farmers.<\/p>\n
The 2012 Farm Sector Income Forecast from the United States Department of Agriculture says net farm income is forecast to be more than $122 billion this year, up close to 4 percent over last year.<\/p>\n
The USDA, which issued its report during the last week of August, says that the increase will, in part, be helped by crop-insurance payments. The forecast also reflects market impacts of \u201cwidespread drought and high temperatures during the growing season [and] large increases in the value of this year\u2019s crop\u2026.\u201d<\/p>\n
Drought conditions are putting corn and soybean yields at nine-year lows, the report says, but the factors hurting corn producers helps another segment of the farm market: wheat farmers. Wheat farmers will see prices increase by almost 13.5 percent, says the report, with the increase in demand to replace corn with wheat.<\/p>\n","protected":false},"excerpt":{"rendered":"
Farm income is forecast to increase over last year, helped by insurance payouts from the crop-insurance program covering losses from the disastrous drought in much of the country, but a […]<\/p>\n","protected":false},"author":52,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[43,51],"class_list":["post-3216","post","type-post","status-publish","format-standard","hentry","category-news-headlines","tag-drought","tag-safety-net-2"],"yoast_head":"\n