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FAPRI UPS ITS U.S. NET FARM INCOME FORECAST FROM $105 BILLION TO $120 BILLION
Agri-Pulse reports:

A closely watched group of economists have raised their forecast for farm income this year in the wake of the Ukraine crisis and the recent run-up in commodity prices. As a result, farm earnings are expected to be about the same this year as last, despite sharp increases in production costs.

The Food and Agriculture Policy Research Institute based at the University of Missouri now expects net farm income to reach nearly $120 billion this year, up from the March forecast of $105 billion. That increase accounts for increased production costs.

FAPRI now projects farm production expenses, which includes feed and fertilizer expenses, will total $446 billion, up from the March forecast of $420 billion. Production expenses totaled about $392 billion in 2021.

FAPRI estimates corn prices will average about $6.06 a bushel this year, up from $5.78 in 2021. Wheat prices are excepted to average $8.08 a bushel, compared to $7.60 last year.

To read the report click here.


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