The USDA’s Economic Research Service has released its net farm income forecast and that’s estimated to increase by 43.1 percent up to $119.6 billion this year. Nebraska Farm Bureau’s Senior Economist Jay Rempe attributes that to an increase in commodity prices late this year fueled by exports as well as by COVID 19 relief payments.
He says it’s been a challenging year economically for the nation’s farmers and ranchers who’ve been looking for needed relief.
Rempe says trade will be a key going forward for the U.S. ag economy so there will be a lot of focus on the new Administration coming in and what their trade policy will be.
Rempe says China remains an important trading partner and hearing that the President Elect doesn’t want to change the Phase one deal reached by the Trump Administration is positive.
