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DES MOINES, Iowa Thanks to the government paying nearly 40% of their income, U.S. farmers are expected to end 2020 with higher profit than 2019 and the best net income in seven years, the Department of Agriculture said in its latest farm income forecast.
Farmers faced challenges throughout 2020 that included the impact of trade disputes; low prices that drove down cash receipts for corn, cotton, wheat, chicken, cattle and hogs; and weather difficulties such as drought in some areas and an unusual August wind storm stretching from South Dakota to Ohio that centered on Iowa.
Farm cash receipts are forecast to decrease nearly 1% to $366.5 billion, the lowest in more than a decade, measured in real dollars. Direct federal government payments saved farmers bottom line: Farmers overall saw a 107% increase in direct payments from 2019, when a third of net income came directly from the government.
Thanks to government checks, farmers saw higher profits and net income in 2020 stltoday.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from stltoday.com Daily Mail and Mail on Sunday newspapers.
DES MOINES, Iowa (AP) Thanks to the government paying nearly 40% of their income, U.S. farmers are expected to end 2020 with higher profit than 2019 and the best net income in seven years, the Department of Agriculture said in its latest farm income forecast.
Farmers faced challenges throughout 2020 that included the impact of trade dispute s; low prices that drove down cash receipts for corn, cotton, wheat, chicken, cattle and hogs; and weather difficulties such as drought in some areas and an unusual August wind storm stretching from South Dakota to Ohio that centered on Iowa.
Farm cash receipts are forecast to decrease nearly 1% to $366.5 billion, the lowest in more than a decade, measured in real dollars. Direct federal government payments saved farmers bottom line: Farmers overall saw a 107% increase in direct payments from 2019, when a third of net income came directly from the government.
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Federal checks salvage otherwise dreadful 2020 for US farms
U.S. farmers are expected to end the year with higher profits than last year and the best net farm income in seven years thanks to the government paying nearly 40% of their income
By DAVID PITT Associated Press
December 31, 2020, 7:40 PM
• 4 min read
The Associated Press
FILE - In this Aug. 26, 2020 file photo, a farmer discs over a corn field on at a farm north of Woodward, Iowa. The corn was damaged beyond salvage by the recent derecho. Thanks to the government paying nearly 40% of their income, U.S. farmers are expected to end 2020 with higher profit than 2019 and the best net income in seven years, the Department of Agriculture said in its latest farm income forecast. Farmers faced challenges throughout 2020 that included the impact of trade disputes; low prices that drove down cash receipts and weather difficulties. (Bryon Hou