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According to the USDA, farmers this year will make 18% more than they did in 2020; $421.5 billion. Net chase income could grow by 21.5%.  That growth could have been larger but farmers have seen a substantial hike in production expenses.

"There are very few things where production expenses are actually lower in 2021," said USDA Chief Economist Seth Meyer.

"It's basically production expenses across the board," Meyer continued. "Things like feed and livestock purchases. But when you really look at it, most things we've seen an increase and that includes things like interest expenses, labor expenses, rent, fertilizer, seeds, fuels, and oils."

The only major production items expected to end up costing less this year are pesticides. USDA forecasting overall farm production costs to top last year by over 7%.

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