USDA projects net farm income to be up for 2020

WASHINGTON, D.C. – Net farm income nationwide is projected to be up almost 23 percent over last year, according to a report released by the U.S. Department of Agriculture’s Economic Research Service on Wednesday.

USDA’s 2020 Farm Sector Income Forecast said net farm income, a broad measure of profits, is expected to increase by $19 billion from 2019 to $102.7 billion this year. Net cash farm income is forecast to increase $4.9 billion (4.5 percent) to $115.2 billion.

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