Source: Chris Clayton, PROGRESSIVE FARMER, 9/15/21

Despite higher prices, farm income is projected to drop $23 billion in 2022 because of a sharp decline forecast in federal government payments and higher input costs, according to the Food & Agricultural Policy Research Institute (FAPRI) at the University of Missouri. FAPRI released its latest baseline Wednesday for U.S. farm income and costs. Projecting 2021 net farm income at $122 billion, FAPRI's forecast for 2021 is higher than USDA's Economic Research Service. If numbers hold through the end of the year, net farm income for 2021...

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