The USDA is reporting a year-over-year decline in direct government payments to producers.
Chief Economist, Seth Meyer says these numbers closely reflect what we saw between 2007 and 2017.
“You know, somewhere around in that range, after a couple of years of very big government payments, we’re somewhere in the neighborhood of the direct payments being half of what they were in 2021 and maybe 3rd to ¼ of what they were in 2020,” said Meyer.
Farm production expenses adjusted for inflation are projected to increase more than 11 percent this year alone.
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