With the end of 2020, farmers net income is expected to be up almost $120 billion dollars. A year over year increase of $36 billion. But, the news isn't all good.

"I think it's clear that 2021 is going to see a much lower farm income than 2020," said USDA Chief Economist, Robb Johannson. He added over $46 billion of 2020's income came from direct government payments, including disaster relief, and two rounds of Coronavirus relief.

And when it comes to the year ahead.

"Both in the crop and the livestock side we expect cash receipts up by about probably $25-$26 billion. We also expect these government programs to slow down and to be much smaller as we come out of the COVID-19 pandemic."

And even with this new Coronavirus assistance package, Johannson said 2021 farm income could still fall by $8 to $12 billion.

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