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by Chuck Abbott (Successful Farming) U.S. ethanol production plunged 13% last year due to the pandemic, costing the industry around $4 billion in sales. But it may recover fully by 2023, on the strength of larger exports and rising domestic use of higher blends of ethanol into gasoline, said the Food and Agricultural Policy Research Institute.
Farm income will be $112 billion this year, far above the 10-year average, with generally strong commodity prices more than offsetting a $22-billion decline in farm subsidies from the record $46 billion of 2020, said the University of Missouri think tank. With farm finances on healthier footing, land values are forecast to rise 5% this year. The debt-to-asset ratio, a widely watched indicator of financial health, would decline for the first time since 2012.