KGMI News
WASHINGTON, D.C. – U.S. farmers are in for another tough year.
The USDA forecasts farm incomes are expected to be at their lowest since 2006, amid rising borrowing costs.
Agriculture Secretary Sonny Perdue called the state of the rural economy “fragile” during House testimony Tuesday, according to a report in the Wall Street Journal.
USDA says incomes will fall another 7% in 2018, down for a total of 50% since 2013.
A string of bumper corn and soybean harvests has added to a worldwide grain glut, even as foreign rivals including Russia and Brazil increase their grain production.