2022 will see historic high farm incomes in US

Robert Besser
06 Dec 2022, 06:13 GMT+10

The U.S. Department of Agriculture said the subsequent surge in grain and livestock prices are predicted to drive U.S. farm incomes to historic highs this year
The agency forecasts net farm incomes, a broad measure of profits in the agricultural economy, to rise to $160.5 billion in 2022, from $141.0 billion last year, an increase of $19.5 billion
The agency said that a proportion of the growth in the crop sector was due to sales of corn, soybeans and wheat, while livestock cash sales receipts were also expected to jump

WASHINGTON D.C.: The U.S. Department of Agriculture reported that as producers are benefitting from high global grain and oilseed demand due to tight supplies, the subsequent surge in grain and livestock prices are predicted to drive U.S. farm incomes to historic highs this year.

The agency forecasts net farm incomes, a broad measure of profits in the agricultural economy, to rise to $160.5 billion in 2022, from $141.0 billion last year, an increase of $19.5 billion.

The agency said that a proportion of the growth in the crop sector was due to sales of corn, soybeans and wheat, while livestock cash sales receipts were also expected to jump nearly 31 percent to $256.0 billion.

Adjusted for inflation, net farm incomes in 2022 would be at its highest level since 1973 and net cash farm incomes at its highest level on record, the agency added.

However, the agency stressed that production costs are up considerably, with almost all categories of expenses predicted to be higher in 2022, most notably feed, fertilizers, lime and other soil-related inputs.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Chicago Chronicle.

More Information

50 ℉

Partly Cloudy in Chicago/Midway

International

Section

Israeli ambassador extends thanks to U.S. president after UN vote

Israel has acknowledged and thanked the United States and President Joe Biden for standing firmly by Israel's side at the ...

E-bike's battery catches fire in New York, killing 1, injuring 6

NEW YORK: This week, New York City officials said that one person was killed and six others were injured when ...

United Kingdom passes on crucial vote to end war in Gaza

NEW YORK, New York - The United Kingdom refrained from supporting demands for a ceasefire in the two-months long Israel-Gaza ...

United States strikes down international demand for ceasefire

NEW YORK, New York - The U.S. was alone on Friday in a 13-1 vote for a ceasefire in the ...

Ex-US ambassador to Bolivia arrested for working for Cuba

WASHINGTON D.C.: The Associated Press (AP) reported that Manuel Rocha, a former American diplomat who served as U.S. ambassador to ...

Wisconsin man who firebombed anti-abortion group office pleads guilty

MADISON, Wisconsin: On November 30, Hridindu Sankar Roychowdhury from Wisconsin pleaded guilty to firebombing a conservative anti-abortion group's office on ...

Illinois

Section