Farm income in 2021 landed U.S. ag producers with more dollars than expected. Even through pandemic-related challenges, farmers grew record-breaking crops and sold them for prices much higher than the last decade average. A University of Wisconsin-Madison agribusiness professional says farm income last year is predicted to be “well above” the 20-year average. In fact, income grew 19% over 2020 values and was 24% higher than the 20-year average. Though dairy income was relatively steady, corn, soybeans, beef, broilers and hogs all saw above-average revenue.
Important to remember, government payments played a role in overall income and a major drop off in these payments is expected for 2022. And despite larger income, record-breaking input costs could put also ding in net profit. Farmers will need to find ways to create efficiencies in 2022 and take advantage of market upswings.
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