CHICAGO, Ill. (Reuters) — Soaring grain and livestock prices are expected to push U.S. farm incomes to an historic high this year, as producers benefit from strong global grain and oilseed demand amid tight supplies.
The U.S. Department of Agriculture says net farm income is forecast to increase to US$160.5 billion in 2022 from $141.0 billion a year earlier, an increase of $19.5 billion.
Much of the growth in the crop sector came from sales of corn, soybeans and wheat, the department said, noting that livestock cash sales receipts were also expected to jump nearly 31 percent to $256 billion.
In inflation-adjusted 2022 dollars, net farm income would be at its highest level since 1973 and net cash farm income at its highest level on record, the agency said.
