Net cash farm income for 2020 is expected to increase 43.1% – highest level since 2013.

OMAHA (DTN) — Net cash farm income for 2020 is expected to increase 43.1% from 2019 totals, driven heavily by higher government payments, putting net farm income at the highest level since 2013 once adjusted for inflation.

USDA’s Economic Research Service has updated farm-sector income and expenses, showing stronger overall profit measures for farmers despite declines in cash receipts for livestock producers. Net farm income, a broad measure of profits, is forecast to rise $36 billion in 2020 to $119.6 billion, reflecting the fourth straight year of higher net farm income for producers. Ad-hoc government payments led by the Coronavirus Food Assistance Program (CFAP 1 and 2) put direct government payments at $46.5 billion, which is $24 billion higher than 2019.

Source: DTN