This article was first published Oct. 12, 2022, by Nebraska Farmer, and is excerpted here with permission.
Nebraska farm income prospects look strong for 2022 despite some of the challenges producers faced this year. Whether those expectations prove out in the end and where the sector goes in the coming years remains to be seen.
Recent projections produced through a collaboration of the Center for Agricultural Profitability (CAP) at the University of Nebraska-Lincoln and the Rural and Farm Finance (RaFF) Policy Analysis Center at the University of Missouri put expected farm income for Nebraska in 2022 at just over $8.03 billion, nearly unchanged from the 2021 level of $8.05 billion.
The numbers are based on USDA Economic Research Service data for Nebraska through 2021 and national projections for 2022, as well as projections and modeling by RaFF and the Food and Agricultural Policy Research Institute (FAPRI), also at the University of Missouri.
The $8 billion level over the past two years is up dramatically from the previous five years — when the average was just $3.6 billion, and the low fell all the way to $2.2 billion in 2017. The 2021 number was a record farm income for the state, at least in nominal terms, exceeding the previous record of $7.5 billion in 2011.
While the farm income prospects are strong overall and help establish a solid financial position for agriculture in the state, some further analysis helps identify strengths and also challenges going forward.Full Article Via Nebraska Farmer