(MENAFN) The US Department of Agriculture (USDA) stated that in 2012, the country's net farm income is expected to drop by 3.3 percent from a year ago to USD114 billion, reported Xinhua News.
The figure is down from a revised USD117.9 billion posted for 2011, and from August's projection of USD122.2 billion.
The department attributed the fall to higher farm costs, including feed, with the total operation cost of farms forecasted to hit a record high of USD289.718 billion in 2012.
It said that prices farmers receive for crops sold in 2012 will grow due to a fall in farm production that resulted from severe drought this summer, adding that the price of corn will rise by USD1 per bushel, whereas the price of soybean will go up by USD2 per bushel.
It is worth noting that the median total farm household income gained 5.3 percent in 2011 from a year earlier, reaching USD57,050, while 2012 figure is projected to rise by 1 percent to USD57,645.
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