Farm income is projected to drop by 10 percent in 2021 with ad hoc payments expected to be cut in half.
But ag economist David Widmar with Ag Economic Insights said 2021 is still projected to be a strong year for ag income.
“2020 is the fourth highest net farm income [year] going back to the 1970s and then, of course, 2021 is going to be slightly below that but we’re well above the long-run average,” he said.
