Source: Chuck Abbott, SUCCESSFUL FARMING, 2/7/22


Record-high expenses and sharply lower federal subsidies will erode farm income in 2022, according to a forecast by the Agriculture Department. Nonetheless, U.S. agriculture would see one of its best years on record, with net farm income 26% above its 10-year average. It would be the second year in a row that net farm income, a USDA gauge of profitability, ran at sky-high levels, boosted by strong commodity prices and a boom in exports, with China back as the No. 1 customer. The Economic Research Service pegged income at $113.7 billion this year, down from $119.1 billion in 2021.

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