farm income

Jonathan Ahl / Harvest Public Media

The U-S Department of Agriculture is projecting farm income will increase significantly this year, but that’s only because of an unprecedented amount of government payments that could top $40 billion.

The latest Farm Income Report from the USDA shows net farm will total $102 billion, a 23% increase over last year. But 36% of that money is coming from federal subsidies intended to make up for coronavirus losses.

Without that aid, net farm income would be down more than $10 billion this year.

2018 Forecast: US Farm Income To Sink To 12-Year Low

Feb 8, 2018
Courtesy of the U.S. Department of Agriculture

Farm income will likely drop nearly 7 percent from last year to $59.5 billion, according to a U.S. Department of Agriculture report released Wednesday. The drop is due to continued low prices for crops like corn and soybeans, as well as higher fuel and labor costs.