USDA: increase in net cash farm income is not keeping up with inflation
Commodity prices are trading at historically high levels, and producers may be looking at a good year ahead.
USDA released its first farm income prediction for the year.
According to Spiro Stefanou, the USDA Economic Research Service Administrator, “Net farm income is forecast at $113.7 billion in 2022, which is lower than the forecast for 2021 by about 4.5 percent. The net cash farm income is forecast to increase about 1.4 percent, and that’s a bit higher.”
However, he says that this increase is not keeping up with inflation.