Expect less income overall for the nation’s farm sector this year however, the prospects for livestock and crops are good.
That’s according to USDA’s Chief Economist Seth Meyer who says both domestic demand and exports remain strong. He told the Virtual Outlook Forum that net cash farm income this year will be $128.3 billion and that’s down 5.8 percent from 2020. Last year’s total was impacted by government payments to producers for COVID and trade-related losses. This year those payments could be down by nearly half.
Now it will be up to expanded cash receipts to help make up those losses as the market, rather than Washington, supplies farm income. It’s a situation most producers would prefer.
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