Farm Income and the Safety Net in 2021
Farm income expectations have been rising along with commodity market price levels over the past several months. Current farm income prospects have grown with the rebound in market prices for most commodities, but have also been substantially boosted by recent ad hoc government assistance for losses from agricultural weather disasters, trade conflicts, and most recently COVID-19 pandemic market price and supply chain disruptions. In this article, a brief analysis of farm income and federal farm income safety net programs provides some insight on current conditions and on potential future directions for ag policy and farm economics.
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