Washington--The USDA reports that high commodity prices will push net farm income nationwide to $92.3 billion this year, up 4.1 percent from the $88.7 billion farmers are estimated to have earned last year. The average over the past decade, $61.1 billion.
The US Department of Ag predicts U.S. farmers will plant 86 million acres of corn this year - down 8 percent from 2007, when corn plantings were the highest since World War II. Plantings of soybeans are expected to be up 18 percent this year, at nearly 75 million acres.
The harvest of 2008 remains a question mark because of cold and unsettled weather across the nation. Snow throughout the west has slowed planting along with drenching spring rains slowing corn and soybean plantings for growers in the midwest that means late starts that cut into yields. In parts of California, Colorado, Wyoming, and New Mexico there's the chance of summer drought, all of these factors not to mention inputs like fuel, fertilizer and seed doubling over last year; could make 2008 one of the most interesting years of the decade.
On the Chicago Board of Trade, the cash price for corn has ascended from $1.86 a bushel in the 2004-2005 marketing year to the price lately of about $6 per bushel.
Soybeans, $5.88 a bushel in 2004-2005, are getting an amazing $13.