Farm Financial Implications of the Drought of 2012

By Patrick Westhoff, Director, Food and Agricultural Policy Research Institute at the University of Missouri

The drought of 2012 has had huge impacts on the agricultural sector. Hot and dry conditions across much of the country this summer have sharply reduced production of corn, soybeans and forage. It seems logical that the result should be a great deal of financial stress in the farm sector.

Meanwhile, a recent USDA forecast suggests that U.S. net farm income could hit record levels in 2012. It may seem peculiar that the most severe drought in decades would correspond with record farm income . . .

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