ST. LOUIS — An Illinois farmer raked in so much money this year, he made loan payments on a tractor a year in advance and bought newer equipment. An Iowa farmer upgraded his combine and paid off debt. And an elderly Oregon farmer who started anew after hauling in $2 million from the sale of turf and equipment a few years ago got “a good price” for alfalfa and grass crops he grew on his new 72-acre spread.
While much of America worries about the possibility of a double-dip recession, such stories of prosperity are cropping up as many U.S. farmers are enjoying their best run in decades, thanks to high prices for many crops, livestock and farmland and strong global demand for corn used in making ethanol.
Farm profits are expected to spike by 28 percent this year to $100.9 billion, and the amount of cash that farms have available to pay bills also is expected to top $100 billion — the first time both measures have done so, according to the U.S. Department of Agriculture. And crop sales are expected to pass the $200 billion mark for the first time in U.S. history. The Associated Press; Bloomberg News file photo
