In the first forecast of 2020, the USDA has projected net farm income at $96.7 billion, which would be a 7-year high.
This projection marks what would be the fourth year in a row of higher income and the most since the record of $123.7 billion in 2013.
Direct farm program payments are expected to account for 15 percent of farm income, down from the 25 percent seen in 2019. Last year, producers received more than $14 billion in payments while this year that number is more likely to be around $3.6 billion.
The net farm income in 2019 was $93.6 billion.
USDA economists did note an anomaly in the first forecast of 2020. While, net farm income is expected to rise by about 3 percent net cash farm income is expected to fall by 8.7 percent.
Farm sector equity is forecast to be up 1.1 percent and farm assets are expected to increase by 1.3 percent.
You can read the full forecast here.