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National & World Ag News Headlines |
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U.S. Farm Profit on Track for Seven-Year High, Thanks to Aid
USAgNet - 12/03/2020
U.S. farm profits will rise in 2020 to a seven-year high after government aid payments doubled amid the COVID-19 pandemic and trade disputes, the USDA says.
According to Bloomberg News, U.S. net farm income this year will jump 43 percent to $119.6 billion, the highest inflation-adjusted level since 2013, the agency said.
The projected surge occured as the pandemic roiled the food-supply chain in the spring, driving grain prices down and meat costs up.
Direct government aid, accounting for 39 percent of net farm income, rose to a record $46.5 billion from $22.4 billion last year.
The forecast by USDA's Economic Research Service marked a $16.9 billion boost in net income from a September projection.
U.S. agriculture is on track for one of the three most-profitable years in a half century. Adjusted for inflation since 1973, projected net farm income in 2020 will only be surpassed by 2011 and 2013.
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