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U.S. farm income seen down 17.2 percent in 2016 at seven-year low: USDA
November 30, 2016 / 4:15 PM / 10 months ago

U.S. farm income seen down 17.2 percent in 2016 at seven-year low: USDA

A worker empties corn kernels from a grain bin at DeLong Company in Minooka, Illinois, September 24, 2014. REUTERS/Jim Young

(Reuters) - U.S. net farm income is expected to drop for a third consecutive year in 2016, sinking 17.2 percent to $66.9 billion, the lowest level since 2009, the U.S. Department of Agriculture said on Wednesday.

The updated forecast from the agency’s Economic Research Service was down from its August forecast of $71.5 billion and down 46 percent from record profits for the sector of $123.7 billion in 2013.

Reporting by Karl Plume in Chicago; Editing by Chizu Nomiyama

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