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Economist predicts 21 percent jump in Nebraska farm incomeLINCOLN, Neb. (AP)--An agricultural economist predicts farmers' profits will jump in 2008, but many Nebraska ranchers may lose money. Bruce Johnson's forecast for a 21 percent jump overall in Nebraska's agricultural income depends on continued good weather and strong grain prices. Johnson works for the University of Nebraska-Lincoln's Institute for Agriculture and Natural Resources. Johnson says he expects farmers and ranchers to report $4.25 billion in net income this year. That's up from $3.5 billion profit last year. But Johnson says the high corn and soybean prices that boosted farmers' income have hurt ranchers' profits because their feed costs are higher. Ranchers may see $750 million less profits while farmers report a $1.5 billion income jump. 10/6/08 Date: 9/26/08
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