NATIONAL

Federal Checks Salvage Otherwise Dreadful 2020 For US Farms

0
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 Houlgrave/The Des Moines Register via AP File)

(AP) — 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. That’s according to the U.S. Department of Agriculture’s latest farm income forecast. Farmer challenges in 2020 included the impact of trade disputes, drought and wind damage, and low prices for corn, cotton, wheat, chicken, cattle and hogs. Farm cash receipts are forecast to be the lowest in more than a decade. But farmers are expected to receive $46.5 billion from the U.S. government. That’s the largest direct-to-farm payment ever. It lifts net farm income to $119.6 billion. And that’s the highest profitability since 2013.

Ontario Finance Minister Resigns After Tropical Vacation

Previous article

Stakes High For U.S. Senate Runoffs In Georgia

Next article

You may also like

More in NATIONAL