2022 Will Set Farm Income Record
In a few weeks when American producers close the books on 2022 they will have taken the overall farm sector income to record high levels. ERS recently released its new farm income forecast for 2022 and it shows net cash farm income will be just under $188 billion.
“That's a 26.5% increase over 2021," noted Spiro Stefanou, ERS Administrator. He added when adjusted for inflation it would be the highest net cash income since 1929. And when looking at net farm income which includes the value of stocks on hand.
“And you'll see increase of nearly 14% to $160.5 billion.”
And when adjust that for inflation, that’s the highest figure since 1973. Stefanou higher incomes are being generated not by big increases in production but rather very high prices propelling cash receipts 24% above last year.
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