High commodity prices will propel U.S. net farm income to a record $160.5 billion this year, despite a steep climb in expenses, said the Agriculture Department. Farm income, a gauge of profitability, would be 14% higher than last year and twice as high as three years ago.
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Projections for farm income in 2021 are 20 higher than the 2020 projection and 49 percent higher than the average from 2015 to 2019.
Read moreThe Economic Research Service of the USDA is forecasting an 8.1 percent decrease in net farm income this year.
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With the boost in government aid, which is on top of the 64 percent increase in 2019, farmers are projected to see a 43 percent increase in net farm income in 2020.
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The last time federal payments accounted for a greater percentage of farm income was 2001 at 41 percent. Sonny Perdue said Monday he hopes to announce a new version of coronavirus relief this week.
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The Trump administration is expected to distribute a record $33 billion in payments to farmers this year. The funds would push government payments to 36 percent of farm income but still be too little to keep some farmers afloat.
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In spite of challenges such as the coronavirus and competition from Brazil, the USDA’s chief economist sees “more hopeful signs” for farmers.
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Family farms represented 98 percent of U.S. farms and 88 percent of production in 2018, according to a USDA report. The report also said most farmers earn more than the U.S. median income.
Read moreNearly one-third of projected U.S. net farm income this year will come from government aid and federally funded commodity insurance payments, according to a forecast issued last week by the USDA.
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