2022 U.S. Farm Profits Forecast to Reach Near-Record

Sep 08, 2022

USDA’s Economic Research Service forecasts inflation-adjusted U.S. net cash farm income (NCFI) — gross cash income minus cash expenses — to increase by $13.5 billion (8.7%) from 2021 to $168.5 billion in 2022. This is the highest level since 2012.

In comparison, U.S. net farm income (NFI) is forecast to fall by $0.9 billion (0.6%) from 2021 to $147.7 billion in 2022. This comes after NFI increased by $44.4 billion (42.6%) in 2021 to the highest mark since 2013. NFI is a broader measure of farm sector profitability that incorporates noncash items, including changes in inventories, economic depreciation, and gross imputed rental income. Both cash receipts and expenses are forecast to increase. Cash receipts for farm commodities are projected to rise by $66.3 billion (14.4%) from the previous year to $525.3 billion in 2022, their highest level on record. At the same time, production expenses are expected to increase by $44.4 billion (11.3%) to $437.3 billion in 2022, offsetting some of this income growth.

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Video: ALL-NEW Kubota Grand L70 Series

The all-new Kubota Grand L70 Series is the next generation of compact tractors. Unveiled at Kubota Connect in Grapevine, Texas, this lineup delivers 37–60 horsepower, advanced technology, and year-round comfort.

Key Highlights:
• Intelligent Hydrostatic Transmission (iHST): Six total speed settings, auto-throttle, and adjustable pedal sensitivity for precise control.
• K-Command Color Display: Bright, easy-to-read screen with Bluetooth and hands-free calling for quick access to performance data.
• ProCab Comfort: Climate-controlled cab with remote start, heated glass, defrosters, and an optional heated swivel seat for long days in the field.
• Implements & Power: Compatible with BH92A backhoe and three loaders (LA806, LA1056, LM1056) plus an optional self-leveling loader.
• Nordik Edition: Nokian snow tires, reinforced hitch, extra guarding, and air-suspension seat for extreme winter conditions.

Justin Parrott, product manager for Kubota, provides a walkthrough of this new compact tractor series.