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Net Farm Income Slashed by 30 Percent

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Farming may see a pay cut this year, by nearly 32 percent.

In the USDA's annual farm income forecast net farm income will be $73 billion, down from last year's forecast of a $108 billion. The drop brings farm income back to 2009 levels and is down 43 percent from the record high in 2013.

USDA cites falling crop prices and higher production expenses as reasons for farm income.

New programs under the new farm bill are expected to increase government payments by 15 percent.

Despite lower farm profitability median farm incomes are forecast to go up a bit because of off-farm sources. The median on-farm income is still around $1,500.