WASHINGTON (Reuters) - Net farm income in the United States will reach $120.6 billion this year, up 6 percent and the second highest since 1973 when adjusted for inflation, the Department of Agriculture said on Tuesday.
The forecast was down from a preliminary $128.2 billion forecast in February, however.
Net cash income was forecast to fall more than 10 percent in 2013 from the previous year. USDA attributed the fall to substantial crop stockpiles expected at year-end after large grain harvests.
“Not all crops produced in 2013 will be sold by the end of the 2013 calendar year; we anticipate substantial increases in the annual quantity and value of crop inventories, particularly for corn,” USDA said.
Reporting by Ros Krasny; Editing by Gerald E. McCormick