The worst U.S. drought in more than five decades is forecast to raise farm profits to a record $122.2 billion this year as higher prices and insurance payments outweigh crop losses from the dry conditions.
Income will rise 3.7 percent from a revised $117.9 billion in 2011, the U.S. Department of Agriculture said Tuesday in a report on its website. The forecast is up from $91.7 billion in February.
In related news, I cancelled more classes this year due to bad weather (i.e., I don't like to walk around campus in the rain) and my income has gone up 3.7% as a result. I love the NC state university system!