EINNEWS, November 15—The rest of the economy may be lagging, but these are boom times for farm incomes and the value of agricultural land.
Farm income this year could set a record, possibly reaching $80 billion according to some market analysts. Cotton prices are up 76 percent. Wheat and corn are both at or near multi-year highs.
Prices have been spiked by a series of natural events affecting crops in China, Europe, Russia and Canada.
Before the end of November the USDA will issue its annual farm forecast. For 201l. Observers are expecting a major increase, possibly as much as 25%. The U.S., the largest grain exporter, may exceed the 2008 record of $115.3 billion in shipments.
Agriculture and related businesses account for as much as 10 percent of the U.S. economy. As its value increases, so do agricultural land prices.
The Kansas City Federal Reserve Bank on Nov. 12 said cropland values in the seven-state region it monitors jumped as much as 12 percent in the third quarter, the biggest gain since 2008.
For more agriculture news, visit Agriculture Industry Today (http://agriculture.einnews.com), a agriculture media monitoring service from EIN News.