US farmers won’t see a year as profitable as 2020 for a decade

Federal aid payments accounted for more than a third of US farmers’ $121.1bn in net income last year.

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.