USDA’s Economic Research Service updated farm sector profit projections Wednesday, which are expected to increase in 2021.
Spiro Stefano, Administrator of USDA’s Economic Research Service says net farm income will be up $18.4 billion from 2020 and at an 8 year high of nearly $117 billion.
He says the increase came primarily from higher commodity prices.
And Stefano says farm income would have been up more, but government payments fell by $20.2 billion in 2021 and production expenses grew by $16.3 billion.
When adjusted for inflation net cash farm income would be 16.9 percent higher than the average of the last 20 years.
