The USDA projects 2021 net farm income to decline $10 billion compared to 2020 levels. The department released its first Farm Income Forecast on Friday.
University of Missouri ag economist Scott Brown says while it may seem like a drastic drop, there is more to the story. “The issue here is government payments. The USDA says we rolled out about $46.3 billion of direct government payments in 2020 and they’re currently estimating $25.3 billion in 2021.
