Bad Economy? Farmers Have One of Best Years Ever

Monday, 12 Dec 2011 07:13 AM

 

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ST. LOUIS (AP) — It's been a good year to be a farmer.

The U.S. Department of Agriculture says farm profits are expected to spike by 28 percent this year to $100.9 billion.

Most farmers say they're using the extra cash to pay off debt and put some money aside. But, they're also investing in new tractors, combines and land.

Dale Hadden has a 4,000-acre farm with his brother and parents in Illinois. He estimates his corn and soybeans were worth 10 percent to 15 percent more than in previous years, which amounts to tens of thousands of dollars. Hadden spent a chunk of that on an advance full-year payment on a seven-year loan on one of his tractors. He says it was a successful year, but it might not always be that way.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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