Government payments helped Idaho s food producers reap record profits in 2020 despite the COVID-19 pandemic, according to a new University of Idaho report.
Idaho s net farm income should top $3 billion in 2020, breaking a record for a second consecutive year, according to a new report coauthored by University of Idaho Extension economists Garth Taylor, Ben Eborn and Rita Du. The state s net farm income â estimated by subtracting expenses from gross income â was estimated at $2.7 billion during 2019.
Furthermore, Idaho s farm cash receipts during 2020 were the second highest on record, topping $8.4 billion, according to the economists report. Cash receipts were up from about $8 billion in 2019.
Beef demand remains strong through pandemic capitalpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from capitalpress.com Daily Mail and Mail on Sunday newspapers.
University of Idaho Extension forestry programs have had to adjust to the COVID-19 pandemic, but they re also drawing nearly double the attendance, UI Extension forestry educator Chris Schnepf says.
Global grain stocks will be slightly higher this year, about 1.5% above last year after being on a downhill trend for the last few years.
âWe are sitting in a pretty good place as far as having enough material, but also it has a bit of a negative impact on the world because of the supply thatâs actually in the market,â Jon Hogge, University of Idaho Extension educator for Madison County, said during the universityâs Idaho Ag Outlook Seminar.
Nonetheless, USDA is projecting higher U.S. corn, wheat and barley prices than in the 2019/20 marketing year.
The average corn price is projected at $4 a bushel, compared to $3.85 the previous year. The average wheat price is forecast at $4.80 a bushel, compared to $4.60 the previous year. The average barley price is forecast at $4.75 a bushel, compared to $4.70 the previous year.
LC Valley Healthcare Foundation Funds University of Idaho Extension Mental Health Training bigcountrynewsconnection.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bigcountrynewsconnection.com Daily Mail and Mail on Sunday newspapers.