Despite the challenges of the pandemic, many farmers will see their incomes rise this year.
The USDA released its farm income forecast. Economists estimate government farm payments, including aid from the pandemic, will total $37 billion dollars this year. That is three times what it was in 2018.
As a result, net cash farm income could rise by 4.5 percent, even though cash receipts are expected to be down 3 percent. Thanks to CFAP and PPP loans, crop farmers will see positive income returns, but livestock earnings are expected to drop.
“Offsetting that is a loss in livestock receipts of 14.3. So, the crop side and the livestock side cancel each other out,” Rob Johansson, an economist with USDA, said.
Livestock groups want more assistance, but experts say that the nation’s $3 trillion dollar deficit could keep the sector from getting money in the future.
