2020 Farm Profitability: A False Positive

By John Newton, Ph.D.

American Farm Bureau Federation

Most agricultural economists and policy wonks saw this coming. USDA’s September 2020 farm income projections suggested net farm income (a broad measure of farm profitability across the entire farm sector) would reach $103 billion this year, up 23% from the prior year and the highest level since 2013’s record high.