Staff writer
The seven-year agriculture boom, driven by record-high commodity prices and tight supplies, is expected to peak this and then come to an end as high costs come to fruition, the government projected on Monday.
The U.S. Department of Agriculture said farm income would reach a record $127.6 billion this year, up 15 percent, thanks to high market prices and crop insurance payments that will offset losses from the worst drought in more than 50 years.
The USDA said farm income would fall by one-third next year, to $96.9 billion, because corn, wheat and soybeans — the most widely grown crops — will have dramatically lower prices with bumper crops expected this fall.