MILWAUKEE (AP) – Direct government payments are expected to help Wisconsin farmers end the year with a higher average income than they did in 2019.
The U.S. Department of Agriculture’s Economic Research Service estimated in their latest farm financial forecast that net farm income will hit $119.6 billion in 2020, a 41 percent increase from 2019 and the highest income level since 2013.
The forecast is slightly higher than last quarter’s estimate, partly because of a price rally for corn and soybeans seen around harvest time. Farmers also are expected to receive $46.5 billion in direct government payments.
That’s $24 billion more, than in 2019.