BUSINESS BRIEFING / FARMING

Profits for U.S. farmers will fall to the lowest since 2003 as crop prices stay below last year’s records and expenses decline more slowly than revenues, the government said.

Net farm income will drop 20% to $71.2 billion this year, down from a revised $89.3 billion in 2008, the highest ever, the U.S. Department of Agriculture said. The USDA in November projected 2008 net farm income at $86.9 billion.

Corn, wheat and soybean prices have fallen at least 40% from last year’s records.