[20210224]IF11770_美国农业收入展望：2021 2月预测.pdf

https:/crsreports.congress.gov February 24, 2021U.S. Farm Income Outlook: February 2021 ForecastUSDA Projects Lower Farm Income in 2021 Two major indicators of U.S. farm well-being are net farm income and net cash income. The U.S. Department of Agriculture (USDA) projects both indicators to be lower (by 8.1% and 5.8%, respectively) in 2021 than in 2020 despite an outlook for substantially higher farm prices and earnings from commodity sales. According to USDAs Economic Research Service (ERS), two principal reasons for the projected decline in the farm income measures in 2021 are a decline of $21 billion (-45.3%) in government direct payments from the record $46.3 billion paid out in 2020 and a projected increase of $8.0 billion (+2.6%) in farm production expenses in 2021. Cash receipts from sales of crops and livestock are forecast to increase by a combined $20.3 billion (+5.5%) in 2021. In inflation-adjusted dollars, both farm income measures are above their historic long-run averages (Figure 1). In inflation-adjusted dollars, the 2021 net farm income projection of $111.4 billion, if realized, would be the sixth-highest level in the past 47 yearsthat is, since 1974. Figure 1. U.S