IARN — The U.S. Department of Agriculture (USDA) released its 2021 farm income forecast.
USDA Chief Economist Seth Meyer says, “We’re going to have another above average year,” in terms of net farm income. However, less net farm income than last year.
“Net farm income is forecast at $111.4 billion, down $9.8 billion, or 8.1 percent from last year. (Net) cash farm income for 2021 is forecast at $128.3 billion, down $7.9 billion, or about 5.8 percent relative to 2020,” Meyer says.
“Government payments are expected to trail off from things like coronavirus, food assistance, and market facilitation payments of the prior years,” Meyers says.
Agricultural producers are expected to generate additional money from commodities, such as crops and livestock. Meyer says, “(We see) total cash receipts up $20.44 billion, up $11.8 billion for crops and $8.6 billion for livestock.”
Story courtesy of the Iowa Agribusiness Radio Network
