Mar 24, 2013 | by Franck Cushner, CFP®
The Department of Agriculture projected in a report released Feb 11th, that net farm income in the U.S. will reach $128.2 billion in 2013, marking the highest level since 1973, when adjusted for inflation. Since 1929, farm income has had three significant increases, one following WW II, another during 1973/74, and the current increases as projected by the Department.
As U.S. farmers recover from the severe drought of last year, new planting and healthier harvests will flourish, providing an abundance of wheat, soybeans, rice, and corn. Much of these crops are slated for export all over the world, where many of the principal buyers are emerging market countries.
A trend for sometime has been one of re-investment, where farmers convert higher income into new agricultural equipment and technology, eventually leading to more efficiently grown crops.
For years, the Untied States has been a leader in agricultural products and farming equipment, supplying markets worldwide with essential products and goods to help sustain growing populations.
Sources: Agriculture Department, Global Agricultural Development Initiative
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