(WBAP/KLIF) — U.S. farmers are expected to end the year with higher profits than last year and the best net farm income in seven years. That’s due to the government paying nearly 40% of their income, based on the U.S. Department of Agriculture’s latest farm income forecast.
Farmers faced challenges in 2020, which included the impact of trade disputes, drought, wind damage, and low prices for corn, cotton, wheat, chicken, cattle and hogs.
Farmers are expected to receive $46.5 billion from the government, lifting net farm income to $119.6 billion. That’s the highest profitability since 2013.
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