FAPRI-MU projects lower but strong 2021 farm income

The University of Missouri’s Food and Agricultural Policy Research Institute is projecting lower Missouri farm income over the next two years after 2020’s record of $3.5 billion.

But FAPRI Senior Research Associate Abigail Meffert said 2021 is still looking positive.

“Increased cash receipts are actually leading to, even though slightly lower farm income we estimate than 2020, it’s still going to be really high,” she said. “So, I think farmers may see this year as the year things really start to look up.”

She said the expected drop in income is because of lower projected ad hoc payments to farmers.

Meffert tells Brownfield currently, the biggest variable isn’t COVID-19 or Chinese trade…

“For springtime, I honestly think the biggest variable is probably going to be weather because we’ve already had a full calendar year of the pandemic… we’ve already had a trade war with China and we know how the economy behaves in that situation,” she said.

Meffert said FAPRI is projecting a corn price of $4.33 and soybeans at $11.33 for this marketing year. Last year’s record farm income topped 2014’s mark of $3.4 billion in the state.

Abigail Meffert Interview

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