Net income for farmers is predicted to fall over 30 percent this year according to the U.S. Department of Agriculture. This drop is partially due to the prices of corn and soybeans remaining low, while cost of expenses continues to rise.

However, since two years ago income was at a record high, conditions may not be as bad as the statistic sounds for farmers in general, as reported by the Associated Press on Tuesday.

"It's neither happy times nor is the sky falling in terms of agriculture incomes," said Scott Irwin, an agricultural economist at the University of Illinois at Urbana-Champaign.

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