U.S. Farmers Won’t See Profits Like 2020 for Decade, USDA Says
· Farmers benefited from surge in government aid last year
· Despite rise in sales, USDA expects lower profits through 2030
By Mike Dorning, Bloomberg
February 16, 2021
U.S. farmers won’t see another year as profitable as 2020 for at least a decade, the U.S. Department of Agriculture projected Tuesday.
Farm profits soared to their highest level in seven years amid a flood of government aid related to the pandemic and the trade war, with direct federal assistance payments accounting for more than a third of U.S. farmers’ $121.1 billion in net income last year.
Despite a continuous rise in sales through 2030, the USDA forecast profits would be lower, dropping to $100.1 billion this year and then fluctuating in a range between $99.3 billion and $109.8 billion through 2030...