Is This Another Boom Time For U.S. Ag?

The USDA is forecasting net farm income this year the highest since 2013, while net cash income the highest since 2014. And USDA Chief Economist noted at that time, "We were kind of in that boom period there in terms of very strong farm income."

So are we in another boom time for agriculture? Meyer said he's not ready to use the "B Word" just yet, saying while farm income looks really good, "I also think when you look region by region it is really the Midwest that is seeing the primary benefits. And that's because when we look at things that are contributing to cash receipts, it's being led by things like corn, soybean, hog cash receipts. And those aren't widely geographically spread. This rising ship of cash receipts isn't floating all the boats."

Drought-stricken producers here in the Northwest most likely won't call this a boom time but Meyer says for Midwest producers of corn, soybeans and hogs are enjoying a solid 2021.

If you have a story idea for the PNW Ag Network, call (509) 547-1618, or e-mail gvaagen@cherrycreekmedia.com