Farm income expected to drop 8% in 2021


I’m Clinton Griffiths with today’s AgDay Minute.

Things may get a little tighter financially on many farms. USDA is forecasting net farm income for this year to be down 8-percent. You see that laid out in this graphic from the American Farm Bureau Federation. The Economic Research Service, putting total net farm income at just over 111-billion dollars. If realized, it would be the first year net farm income has fallen since 2016. Lower government payments are expected to drive most of the decline, dropping more than 45-percent.

One well-known company is already getting in on a new effort to fight greenhouse gas emissions on the farm. Land O’ Lakes is launching a carbon credit generation and trading program. The idea, pull greenhouse gasses out of the atmosphere or work to keep them out. The program would pay farmers each time they reduce or destroy greenhouse gas emissions, creating carbon credits. These credits could then be sold. It says Microsoft is the program’s first buyer.

And can you tell which team this milk producer is supporting in the Super Bowl? Shatto Milk Company of Osborn, Missouri is bottling up a limited supply of red velvet milk in limited edition bottles, with the colors of the Kansas City Chiefs. It’s also selling cheese curds in red and gold colors. It’s a tradition Shatto Milk started only a few years ago. And, as you can see, they sell their milk in those traditional glass bottles.

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