Talk about totally illogical, U.S. 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 program
compensate for a smaller harvest, the Financial Times writes.
Holy Hannah we don’t advocate letting these good folks
suffer and starve but net farm income will reach $122.2 billion in 2012, the
highest-ever nominal profit and the second highest in inflation-adjusted terms
after 1973, the U.S. Department of Agriculture (USDA) said in its first
forecast since drought spread across the corn belt.
The expected 4 percent increase in average farm profit from
2011 comes as agricultural states, including Iowa and Ohio, have emerged as
battlegrounds in the November presidential election and lawmakers have failed
to renew legislation outlining agricultural subsidies ahead of its expiry on
September 30….
Read all about it at http://www.cnbc.com/id/48822850
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