IARN — Earlier this month, the U.S. Department of Agriculture (USDA) released its 2022 Farm Sector Income Forecast, which showed a mixed bag for the farm economy. USDA’s Economic Research Service predicts that producer cash receipts will increase 21 percent to more than $525 billion nationally. Crop values are expected to increase nine percent year-over-year, while cash receipts from animal production will be up 28 percent from 2021 numbers.
Despite elevated commodity prices, farmers are not expected to report record paychecks, with farm income off by roughly 30 percent. University of Idaho ag economist Garth Taylor said the drop in income is thanks to a host of domestic and international issues, from drought to input costs to the war in Ukraine, and a variety of other challenges.
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Photo by Riley Smith
