The USDA Economic Research Service last week estimated net farm income this year for the nation’s farmers and ranchers will total nearly $117 billion, an increase of more than 23 percent compared to last year. Estimates suggest Nebraska net farm income could top $8 billion, a record if realized. Rising land values, higher prices for crops and livestock, and reduced farm debt also point to improved financial conditions in agriculture. Yet gathering clouds are on the horizon. Rising input costs, possible supply shortages, drought, and lower exports hint that similar levels of income will be hard to achieve in 2022.
With the uncertainties Tidbits would like your thoughts on farm and ranch financial conditions, what next year might hold, and what factors you think will most influence your bottom line over the next decade. A brief, 3-question survey has been created to solicit your input. All responses will remain anonymous and will be aggregated to be included in future Tidbits stories examining the farm economy. Thank you in advance for participating. The survey can be found at: https://app.smartsheet.com/b/form/33ab37a480034c3d8f595544915dc80c