Drought dents U.S. farm-sector income: government estimate

Reuters: U.S. farm income will drop by 3 percent this year, the result of surging production costs aggravated by crop losses that stemmed from the worst drought in half a century, the government said on Tuesday. Even so, income would be close to the record high set in 2011, the Agriculture Department said. In a quarterly forecast, it said production costs would rise by 8 percent this year, outpacing a gain in crop and livestock income. Feed costs are up 18 percent this year, the USDA said. Feed would......

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