With: Brad Lubben, Extension Policy Specialist, University of Nebraska-Lincoln; and Pat Westhoff, Director, Food and Agricultural Policy Research Institute, University of Missouri.
Farm income supports have been a substantial part of farm income over the past few years, peaking with the massive COVID-19 relief payments made in 2020 in response to market disruptions and losses amid the pandemic. However, commodity price increases since late summer 2020 have substantially improved the bottom line for producers leading to potential record income levels in 2021 even as government payments quickly decline. But, the question remains as to the road ahead and whether higher prices will last or whether they will stay ahead of rising input costs.
To review the current situation and the outlook for what’s ahead, Brad Lubben will be joined by Pat Westhoff, the Director of the Food and Agricultural Policy Research Institute at the University of Missouri to discuss current farm payment and farm income prospects as well as the outlook for commodities, farm expenses, and farm financial conditions in the year and years ahead.