U.S. Farm Income to Leap in 2003

Thanks to sky-high commodity prices, American farmers will see their income leap to an estimated $55.8 billion in 2003, up $20.5 billion from last year, the U.S. Agriculture Department said.

The 2003 profits from grain, cattle, vegetables and other agricultural products would be the second-highest farm net income in history, behind $57.8 billion in 1996, the USDA said.

Commodity prices have exploded in recent months because of an export boom led by Chinese demand, a smaller-than-expected U.S. soybean crop and an outbreak of “mad cow” disease in Canada.