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Purdue economist: Indiana will see record farm income

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A Purdue University agricultural economist says Indiana farmers will see record farm income this year due to strong global demand for grains.

Purdue's Chris Hurt says Indiana's 2011 farm income could approach $4 billion. That would eclipse the state's previous farm income record of $3.2 billion set in 2008.

The U.S. Department of Agriculture predicts American farmers will see record-high farm income this year of $103.6 billion. That would be 31 percent higher than last year's total and well above the previous record of $84.7 billion set in 2004.

That report says high worldwide grain demand coupled with lower-than-expected U.S. yields will drive farm income to record highs. The record income will be driven largely by strong demand for corn due to ethanol production and higher soybean exports to China.

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