USDA says that farm incomes for 2021 should rise

by | Sep 3, 2021 | 5 Ag Stories, News

A lot of factors can affect your profitability. The markets are generally the largest contributor to whether you make it or break it. Despite recent pushbacks, the markets are still better than they were a little more than a year ago. However, we still don?t know how long that will last. It all depends on how this harvest plays out. However, the United States Department of Agriculture (USDA) recently projected farm incomes to rise this year.

USDA is projecting an $18.5 billion increase from 2020. That is a total figure of $113 billion. That is a growth of 19.5%. Veronica Nigh of the American Farm Bureau says that gives farmers the largest income rate since 2013.

As expected, commodity prices are playing the biggest part.

Income is not the only financial area that saw an increase. It is offset by an increase in expenses as well.

Of course, all of this is speculation until the crops are actually harvested.