U.S. net farm income is projected to hit a record $106.5 billion in 2022, largely due to high commodity prices stemming from the Ukrainian crisis. Even after costly inputs, farm income is projected to be 14% higher than last year and twice as high as 2019. Farm assets climbed 10% in value in 2021 and will likely climb another 10% this year, according to a USDA Farm Income Forecast.

Crops and livestock will generate $541.5 billion in cash receipts this year, up 24% from last year. Prices have also been bolstered by China’s return to the market in 2020. Meanwhile, expenses have climbed 18% this year, to a record $442 billion. Farm groups have kept a close pulse on rising inputs and have asked lawmakers to consider higher reference prices when factoring crop subsidies in the next farm bill.

Read more on 2022 farm income and expenses here.