American Farmers Flourishing Despite Struggling Economy
American Farmers Flourishing Despite Struggling
Economy
While most Americans continue to struggle through tough economic times, farmers are enjoying one of the best years ever for the industry as prices for numerous grains, crops and livestock have hit record-high levels this year. Overall, profits posted by US farmers are expected to spike 28 percent this year to just under $101 billion, according to data from the US Department of Agriculture. It's the first time ever that farms in the world's largest economy have earned more than $100 billion collectively.
In addition, total crop sales are expected to surpass $200 billion for the first time ever, and livestock sales are expected to increase well over 10 percent. Of course, not all farmers are enjoying unprecedented prosperity, as droughts in the Midwest have plagued some farmers, reducing their farms' production by as much as two-thirds. In fact, the droughts that plagued some Midwestern farmers has helped drive up prices for commodities like corn, wheat and soybeans, contributing to the run of success by other farmers.
According to analysts, conditions are ripe for farmers' success to continue, as demand for various commodities in emerging countries like China and India continues to grow. Demand for ethanol alcohol, which is made primarily from corn, is also expected to continue rising around the world, providing huge profits for American farmers through the next decade and beyond. Many farmers reported earning 10 to 15 percent more profits from the same amount of crops than in previous years, and insiders say that trend is likely to continue.
While most Americans continue to struggle through tough economic times, farmers are enjoying one of the best years ever for the industry as prices for numerous grains, crops and livestock have hit record-high levels this year. Overall, profits posted by US farmers are expected to spike 28 percent this year to just under $101 billion, according to data from the US Department of Agriculture. It's the first time ever that farms in the world's largest economy have earned more than $100 billion collectively.
In addition, total crop sales are expected to surpass $200 billion for the first time ever, and livestock sales are expected to increase well over 10 percent. Of course, not all farmers are enjoying unprecedented prosperity, as droughts in the Midwest have plagued some farmers, reducing their farms' production by as much as two-thirds. In fact, the droughts that plagued some Midwestern farmers has helped drive up prices for commodities like corn, wheat and soybeans, contributing to the run of success by other farmers.
According to analysts, conditions are ripe for farmers' success to continue, as demand for various commodities in emerging countries like China and India continues to grow. Demand for ethanol alcohol, which is made primarily from corn, is also expected to continue rising around the world, providing huge profits for American farmers through the next decade and beyond. Many farmers reported earning 10 to 15 percent more profits from the same amount of crops than in previous years, and insiders say that trend is likely to continue.
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