A new forecast from the U.S. Department of Agriculture (USDA) notes farm income across the country this year will be higher than it was in 2019. USDA Chief Economist Rob Johansson has the new numbers.
Johansson says USDA lowered its estimate of 2019 farm income.
USDA notes direct government farm payments, including federal aid, are forecast at $37.2 billion, a $14.7 billion, or 65.7% increase from 2019. Most of this increase is due to COVID-19 relief funding. And a projected drop in farm production expenses this year could also improve the income prospects for some producers.