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Federal Reserve: Farm income may drop in 2013

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OMAHA - The Federal Reserve predicts U.S. farm income could decline in 2013, but it depends upon how long the drought continues.

Roughly two-thirds of the nation has been in a severe drought since last summer. The Federal Reserve Bank of Kansas City, Mo., said Thursday that if it continues, prices of corn and other crops would remain volatile because of tight supplies. But if normal weather conditions return, crop prices would decline and lead to lower farm incomes.

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