Friday webinar to discuss USDA Farm Income Forecast; profits could fall because of less federal aid, higher costs

On Friday, Feb. 4, the Agriculture Department's Economic Research Service will release the first of three financial forecasts of farm income for 2022. At 1 p.m. ET Friday, ERS economist Carrie Litkowski will present the forecast's top findings in a free webinar.

ERS releases three such forecasts a year—typically in February, August and November—with core statistical indicators on the farming economy. Click here for more information or to register, and click here for the latest forecast from December (the new report will be released on this page as well).

Predictions for this year? "After reaching an eight-year high thanks to massive pandemic payments in 2021, net farm income — USDA’s gauge of profitability — is expected to fall precipitously this year," Chuck Abbott reports for the Food & Environment Reporting Network. "Income would fall in the face of higher costs of production and federal payments that will be a fraction of last year’s $27 billion, according to analysts. Commodity prices and ag exports would remain strong but not high enough to offset the expiration of pandemic relief programs."