Source:  USDA ECONOMIC RESEARCH SERVICE,

Highlights from the September 2022 Farm Income Forecast

U.S. Department of Agriculture, Economic Research Service. Farm Sector Income & Finances: Highlights from the Farm Income Forecast, September 1, 2022.

Farm Sector Profits Forecast to Remain Above Average in 2022
Net farm income, a broad measure of profits, is forecast at $147.7 billion in calendar year 2022, an increase of $7.3 billion (5.2 percent) in 2022 relative to 2021. The 2021 value is an increase of $45.9 billion (48.5 percent) relative to 2020. When prior years are adjusted for inflation, net farm income in 2021 was at its highest level since 2013. Net farm income in 2022 would be $0.9 billion (0.6 percent) lower than in 2021 yet 42.1 percent above its 20-year average (2002–21) of $104.0 billion in inflation-adjusted dollars.

Net cash farm income is forecast at $168.5 billion in 2022, an increase of $22.1 billion (15.1 percent) relative to 2021. The 2021 value was $29.6 billion (25.4 percent) above 2020. When adjusted for inflation, 2022 net cash farm income is forecast to increase by $13.5 billion (8.7 percent) from 2021 and be at its highest level since 2012. Net cash farm income in 2022 would be 34.5 percent above its 2002–21 average of $125.3 billion. Net cash farm income encompasses cash receipts from farming as well as farm-related income (including Government payments) minus cash expenses. It does not include noncash items—including changes in inventories, economic depreciation, and gross imputed rental income of operator dwellings—reflected in the net farm income measure above.

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