Farm Finances Improving in 2020 — Government Report

Nationwide net farm income is expected to increase by $19 billion over 2019, according to a report released by the U.S. Department of Agriculture Economic Research Service (ERS) on Wednesday. Though much of that increase comes from government payments that have risen 64% in the last year, federal economists say the trend is still generally higher. The outlook comes despite drops in some cash receipts, like beef cattle and calves. Lower aggregate production costs contribute to the outlook, with expenses seen falling 1.3% compared to 2019. See more coverage of Wednesday’s ERS report.