ERS: 2021 net cash income to rise 21.5% to $134.7 billion, highest since 2014

This year’s net cash and net farm income could be the highest in nearly a decade. Net cash income is projected to rise 21.5 percent to more than $134 billion dollars.

This comes after a year when government payments dominated net farm income, and they are expected to drop nearly 40 percent this year. The Economic Research Service says that farmers are getting paid this year by the marketplace.

“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, soybeans, pod cash receipts. And those aren’t widely geographically spread,” USDA’s Seth Meyer explains.

He says that producers in the western drought regions may not see as good of a year, but it could be one for the record books for corn, soybean, and hog producers.

Related:

Understanding the relationship between farm income, safety nets, ag policy

Ag CPA on what farmers need to know when filing this year’s income taxes

Lawmakers hear from ag sector on boosting farm income

Vilsack’s plan to boost farm income