Red Lake Nation News - Babaamaajimowinan (Telling of news in different places)

U.S. farm incomes seen soaring to new highs on global food, feed demand

 

December 2, 2022

A combine harvester is seen as it harvests soybeans while loading a grain transfer hoper in Deerfield, Ohio, U.S., October 7, 2021. Picture taken with a drone. Picture taken October 7, 2021. REUTERS/Dane Rhys

CHICAGO, Dec 1 (Reuters) - Soaring grain and livestock prices are expected to push U.S. farm incomes to a historic high this year, as producers benefit from strong global grain and oilseed demand amid tight supplies, the U.S. Department of Agriculture reported on Thursday.

Net farm income - which is a broad measure of profits in the agricultural economy, according to the agency - is forecast to increase to $160.5 billion in 2022 from $141.0 billion a year earlier, an increase of $19.5 billion.

Much of the growth in the crop sector came from sales of corn, soybeans and wheat, the agency said, noting that livestock cash sales receipts were also expected to jump nearly 31% to $256.0 billion.

https://www.reuters.com/markets/us/us-farm-incomes-seen-soaring-new-highs-global-food-feed-demand-2022-12-01/

 

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