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 Barbados Bulletin.

More Information

25 ℃

Light Rain Shower / Windy in Seawell

World

Section

Mongolia could be target of future Papal visit

ROME, Italy: Pope Francis has told reporters that he hoped to travel to Mongolia in September despite his knee ailment, ...

Pakistanis term Wikipedia blockage an embarrassment to country's image

ISLAMABAD, Pakistan Pakistan has banned Wikipedia after threatening the crowd-sourced online encyclopedia with "sacrilegious content," according to the Wikimedia Foundation.The ...

Monkeys stolen from Dallas Zoo found in abandoned home

DALLAS, Texas: The Dallas Police have announced that two emperor tamarin monkeys that disappeared earlier this week from the Dallas ...

Ireland navy falls to four ships, reels from staff shortages

DUBLIN, Ireland: The Irish Navy has reported that it canceled 12 of 26 patrols scheduled for January, primarily due to ...

At US urging, Japan to stop exporting chip technology to China

TOKYO, Japan: Japan is preparing to revise legislation to allow it to restrict the export of advanced semiconductor manufacturing equipment ...

Hydrogen takes steps to develop hydrogen fuel cells for cars, trucks

TOKYO, Japan: Honda has announced that it will manufacture a new hydrogen fuel cell system, which was jointly developed with ...

Caribbean

Section