Farm Income Across Missouri is Either at or Above Record Levels

Net farm income in 2020 in Missouri matched or eclipsed the 2014 record of $3.4 billion, due in part to large government payments during the coroanavirus pandemic. The outlook for Missouri’s Farmers falls in line with the U.S. Agricultural Market Outlook, which is a summary of a decade long baseline projections that were presented last month at the annual Abner W. Womack Missouri Agriculture Outlook Conference. This information was revealed last week by officials with the University of Missouri Extension Service and the entire report can be viewed at www.fapri,missouri.edu. Officials reported that Missouri’s farm income in 2020 increased to its highest level since 2014, due government payments and a rebound of commodity prices in the final months of last year. However, officials are projecting lower net income for farmers across the state this year and next. This is due f reduced government payments and higher production expenses despite anticipated rises in the revenue of crops and livestock. The expected income for this year and the next will still exceed the yearly revenue between 2014 and 2020, officials say. This year, crop farmers across the state are expected to plant more acres than in previous years. Following the major flooding of 2019 soybean acreage throughout the state rebounded last year and it is expected to increase this year.

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