USDA sharply raises its farm income forecast on strong markets
The 2022 farm income forecast is out and it shows gains not seen in over a decade.
Net cash is projected at $168.5 billion, which is 15 percent more than 2021 and the highest level since 2012 when adjusted for inflation. USDA says it is due to higher prices for crops and animal products. Net farm income is forecast at $147.7 billion, which is up 5 percent from last year.
The Agency now estimates cash receipts from sales of ag commodities will rise more than 20 percent, compared to February’s forecast which only showed a 6.8 percent increase.