ERS releases chart showing farm profits up
Farm income profits will remain above long term averages in 2022, the Agriculture Department’s Economic Research Service said in a chart released last week.
ERS forecast inflation-adjusted U.S. net cash farm income — gross cash income minus cash expenses — to increase by $12.6 billion (9.9%) to $139.0 billion in 2021 and then decrease by $2.9 billion (2.1%) to $136.1 billion in 2022.
U.S. net farm income is forecast to increase by $20.7 billion (20.1%) to $123.4 billion in 2021 and then decrease by $9.7 billion (7.9%) to $113.7 billion in 2022.
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