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Changes on the farm point to lean years, study saysSkip to next paragraph
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Changes in the basic structure of US agriculture foreshadow some hard times for the farm economy and rural America over the next 10 years, a study released by the Farm Credit System said Monday. It predicted farm debt will reach a record $465 billion by 1995.
It said farm that farm output will continue to rise in the next 10 years but that exports will grow at a much slower pace and government programs that support prices will decline. The study forecast that net farm income will average $8 billion to $9 billion a year - up slightly from the 1981-83 average but below any year in the 1970s.