U.S. Farm Incomes to Drop to Lowest Level Since 2002

Federal forecasters estimate that U.S. farm incomes will fall this year to the lowest level since 2002, reflecting a continued slump in prices for crops and livestock.

Net farm income will drop 3% to $54.8 billion from $56.4 billion last year, the Agriculture Department projected Tuesday. It would mark the third consecutive year of falling agricultural incomes after profits surged to a record $123 billion in 2013—the height of a boom…