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By Tom Doran
December 14, 2020 at 8:35 pm CST
WASHINGTON â A revised outlook of farm financial indicators projected a rise in net farm income for 2020 due to government payments and improved commodity prices, but estimates were not rosy for all sectors.
The U.S. Department of Agricultureâs Economic Research Service projected net farm income, a broad measure of profits, to increase by $36 billion (43.1%) from 2019 to $119.6 billion this year.
âIn inflation-adjusted 2020 dollars, net farm income is forecast to increase $35 billion (41.3%) from 2019, increasing for the fourth consecutive year. If realized, net farm income in 2020 in inflation-adjusted terms would be at its highest level since 2013, 32% above its 2000-2019 average of $90.6 billion,â said Carrie Litkowski, USDA ERS economist.