U.S. Farm Profits Set to Reach Near Record Highs in 2022 | Agricultural News
The USDA’s Economic Research Service projects that inflation-adjusted cash net farm income in the United States – gross income less cash outlays – will increase by $13.5 billion (8.7% ) from 2021 to $168.5 billion in 2022. This is the highest level since 2012. In comparison, U.S. net farm income is projected to decline by $0.9 billion (0.6% ) from 2021 to $147.7 billion in 2022.
This comes after the NFI rose by $44.4 billion (42.6%) in 2021 to the highest level since 2013. The NFI is a broader measure of the profitability of the agricultural sector that incorporates elements non-monetary, including changes in inventory, economic depreciation and imputed gross rental income.