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Source: Univ of Illinois news release

To view the complete report, click here.

The USDA's Economic Research Service (ERS) indicated on Friday that, "Net farm income, a broad measure of profits, is forecast to decrease $9.8 billion (8.1 percent) from 2020 to $111.4 billion in 2021. This expected decline follows a forecast increase of $38 billion (45.7 percent) in 2020.

“2021 Farm Sector Income Forecast,” February 2021 (USDA-ERS).

"After increasing $27.3 billion (25.0 percent) in 2020, net cash farm income is forecast to decrease $7.9 billion (5.8 percent) to $128.3 billion in 2021. In inflation-adjusted 2021 dollars, net farm income is forecast to decrease $12 billion (9.7 percent) and net cash farm income is forecast to decrease $10.4 billion (7.5 percent).

ERS pointed out that, "After reaching a record high in 2020, direct Government farm program payments are forecast to decrease 45.3 percent ($21 billion) to $25.3 billion in 2021. This overall decrease reflects lower anticipated payments from supplemental and ad hoc disaster assistance, mainly direct payments for COVID-19-related assistance."

USDA- Economic Research Service Webinar: Farm Income and Financial Forecasts (February 5, 2021).

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