The final farm income picture for 2021 is shaping up even better than had been expected. USDA’s Economic Research Service (ERS) recently updated their farm sector profit projections, which are now forecast to increase this year. Gary Crawford has more details.
Spiro Stefano, ERS Administrator, outlines some of the changes in this new farm income forecast, compared to the last forecast three months ago.
While farm income is forecast to rise this year, production expenses are expected to grow by $16.3 billion, which somewhat moderates income growth.
ERS also notes direct government payments to farmers are projected to fall by $20.2 billion this year.