Farm Sector Profits Slump, Expenses Rise

Net farm income in the United States is now forecast to be $96.9 billion, down 21 percent from a year ago and the lowest since 2010, the U.S. Department of Agriculture said on Tuesday.

The 2014 forecast was revised down sharply from $113.2 billion in August.

The USDA said falling crop receipts and rising livestock receipts largely offset each other and that higher expenses were the main driver of the decline in net income.

(Reporting by Ros Krasny; Editing by Bill Trott)