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Farm income is forecast to increase over last year, helped by insurance payouts from the crop-insurance program covering losses from the disastrous drought in much of the country, but insurance associations argue that the program is not a bailout that guarantees profits for farmers.

Farmers could see another round of cuts to crop subsidies under recent proposed changes to the Federal Crop Insurance Program (FCIP).

Under the Senates proposed amendment, premiums would rise 15 percent for farmers with incomes of more than $750,000.

Under the Senates proposed amendment, premiums would rise 15 percent for farmers with incomes of more than $750,000.

A report from Standard & Poors says insured crop losses caused by the worst drought since 1988 could cost insurers and reinsurers more than $5 billion.

Midday weather maps indicate drier conditions this week for the already drought-stricken U.S. crop region than earlier forecasts had shown, an agricultural meteorologist said on Tuesday.

Fitch Ratings says net losses to private crop insurers will likely be an earnings event rather than a capital event.

Fitch Ratings says net losses to private crop insurers will likely be an earnings event rather than a capital event.