The Agriculture Department’s Economic Research Service forecast last week that inflation-adjusted U.S. net cash farm income — gross cash income minus cash expenses — will increase by $30.1 billion (19.1%) to $187.9 billion in 2022.

“This total would be the highest on record for the inflation-adjusted data series,” ERS said.

U.S. net farm income is forecast to increase by $10.7 billion (7.2%) to $160.5 billion in 2022, its highest level since 1973 after adjusting for inflation.

Net farm income is a broader measure of farm sector profitability that incorporates noncash items such as changes in inventories, economic depreciation and gross imputed rental income.