• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

U.S. pegs farm income at eight-year high amid strong corn, soy prices

September 2, 2021 by David Barret Leave a Comment

September 2, 2021

CHICAGO (Reuters) – U.S. farmers’ net income is projected to jump 19.5% this year to an eight-year high of $113 billion, the U.S. Department of Agriculture said on Thursday in a sharp reversal from a February forecast for a decline in profits.

A surge to eight-year highs in U.S. corn and soybean prices this spring has brightened the financial outlook for farmers even as aid payments from the federal government are declining. Crop prices have pulled back from peaks reached in May but remain historically high due to tight global supplies and robust imports from China.

Rising profits have increased farmers’ demand for land, tractors and tools, providing an economic boost to rural towns.

The USDA’s latest forecast is positive for equipment manufacturers such as Deere & Co, AGCO Corp and CPM Holdings, Moody’s Investors Service said in a note.

Farmers in recent years relied on aid payments from the federal government to offset financial losses linked to the U.S.-China trade war and COVID-19 pandemic. However, direct government payments are forecast to fall by 38.6% to $28 billion in 2021 due to reduced COVID-19 relief, after increasing by 103.5% in 2020 compared to 2019, according to the USDA.

In February, the USDA predicted net farm income, a broad measure of profits, would fall 8.1% in 2021 due to lower government payments and higher expenses.

Farmers’ production expenses will increase by 7.3% to $383.5 billion in nominal terms this year, according to the USDA. Spending on nearly all types of expenses is expected to rise, the agency said, as U.S. consumers grapple with inflation across a range of products.

(Reporting by Tom Polansek; Editing by Mark Porter)

Source Link U.S. pegs farm income at eight-year high amid strong corn, soy prices

David Barret
David Barret

Related posts:

  1. Rocky Mountain dry: Canada’s waning water supply sows division in farm belt
  2. With a little help from their friends: how The Sims 4’s community has helped shape the game
  3. AON3D closes $11.5M Series A, partners with Astrobotic to send 3D printed parts to the moon
  4. Windows 11 to continue with updates for unsupported PCs – for the time being

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • If Birds Are Dinosaurs, Why Are None As Big As T. Rexes?
  • Psychologists Demonstrate Illusion That Could Be Screwing Up Our Perception Of Time
  • Why Are So Many Enormous Roman Shoes Being Discovered At Hadrian’s Wall?
  • Scientists Think They’ve Pinpointed Structural Differences In Psychopaths’ Brains
  • We’ve Found Our Third-Ever Interstellar Visitor, Orcas Filmed Kissing (With Tongues) In The Wild, And Much More This Week
  • The “Eyes Of Clavius” Will Be Visible On The Moon Today, Thanks To Clair-Obscur Effect
  • Shockingly High Microplastic Levels Found On Remote Mediterranean Coral Reef Island
  • Interstellar Object, Cheesy Nightmares, And Smooching Orcas
  • World’s Largest Martian Meteorite Up For Auction Could Reach Whopping $2-4 Million
  • Kimalu The Beluga Whale Undergoes Pioneering Surgery And Becomes First Beluga To Survive General Aesthetic
  • The 1986 Soviet Space Mission That’s Never Been Repeated: Mir To Salyut And Back Again
  • Grisly Incident In Yellowstone National Park Shows Just How Dangerous This Vibrant Wilderness Can Be
  • Out Of All Greenhouse Gas Emitters On Earth, One US Organization Takes The Biscuit
  • Overly Ambitious Adder Attempts To Eat Hare 10 Times Its Mass In Gnarly Video
  • How Fast Does A Spacecraft Need To Go To Escape The Solar System?
  • President Trump’s Cuts To USAID Could Result In A “Staggering” 14 Million Avoidable Deaths By 2030
  • Dzo: Hybrids Beasts That Are Perfectly Crafted For Life On Earth’s Highest Mountains
  • “Rarest Event Ever” Had A Half-Life 1 Trillion Times Longer Than The Age Of The Universe – How Did We See It?
  • Meet The Bille, A Self-Righting Tetrahedron That Nobody Was Sure Could Exist
  • Neurogenesis Confirmed: Adult Brains Really Do Make New Hippocampal Neurons
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version