While the U.S. farm sector is expected to generate less income overall this year compared to 2020.
“I think both the prospects for crops and livestock are good based upon continued strong domestic demand and good exports,” said USDA Chief Economist, Seth Meyer.
Meyer noted overall net cash income this year will $128.3 billion which is down 5.8% from last year. And of course in 2020, government payments to farmers for COVID pandemic related trade-related losses accounted for a big chunk of farm income. Seth Meyer said this year government payments could be down by over 45%.
“And we expect though alternatively that we’ll have a sharp increase in cash receipts.”
An increase of almost $20.5 billion, so more of farm income will be coming from the market.
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