Successful Farming published an article stating that for the second year in a row that net farm income, a USDA gauge of profitability, ran at sky-high levels, boosted by strong commodity prices and a boom in exports, with China back as the No. 1 customer. The Economic Research Service pegged income at $113.7 billion this year, down from $119.1 billion in 2021.
Senior research fellow Joseph Glauber said, “The first look at 2022 is promising but I do think the year will be very volatile.” There were “so many uncertainties,” he said, listing fertilizer prices, a drought that is cutting into corn and soybean production in South America, supply chain disruptions at home, and below-normal precipitation in the western half of the United States as the growing season nears.