Wednesday 05 September 2012
Good year for farmers
US farmers are heading for their most profitable year on record despite the worst drought in half a century as high grain prices and payouts from a federal crop insurance programme compensate for a smaller harvest.
Net farm income will reach $122.2bn in 2012, the highest-ever nominal profit and the second highest in inflation-adjusted terms after 1973, the US Department of Agriculture said in its first forecast since drought spread across the corn belt.
Source: Argentine Beef Packers S.A.
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