Nebraska Farm Income and Farm Policy Directions
Projections prepared earlier this fall and published in December as part of the University of Nebraska-Lincoln’s Bureau of Business Research report, “Business in Nebraska,” pegged Nebraska farm income for 2021 at a little over $8 billion. That would be a record in nominal terms, surpassing the previous highs of around $7.5 billion in 2011 and in 2013.
While the results for 2021 are built on good production and strong prices for most commodities along with reduced, but still substantial government payments, the expectations going forward are quickly tempered by an expected pullback in commodity prices, rising costs and reduced government supports.
This Center for Agricultural Profitability article provides insight on current conditions and on potential future directions for ag policy and farm programs through a brief analysis of farm income and federal farm income safety net programs.