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1 1 (October 4, 2022)

handle is hein.amenin/aeiaele0001 and id is 1 raw text is: Key Points ,After a relatively short period when the agricultural sector experienced c e-to-ave rage farm incomes, net farm incomes increased well above heir ,0-year inflation-adjustec a veragies in 2020 and 2021 because of federal erergency relief paynents and reatively high agricultural commodity prices. Farm incomes are Exec asted to remain w abve averge e n 22, dpte the rollback of pand-enic-related subsidihs ano rising costs for major farm inpits, because prices received by farners for many comn'dities nave been excptionally thigh. VWhile trade vvars, widespread drought, high ipit price s, ad voUatile iternationa mar- kets have created chal e ges for US agricuture, the farm sector as a whole, and the vast majority of farms, is ;n an except:onarly healthy financial position as Conoress beins to consider the provisions of the 2023 Farm Bill. The US Departnient of Agriculture's (USDA) Ec- nomric Research Service (EIRS proects that net farm income is forecasted to be $1477 billion in 2022, 12 percent higher than the inflation-adjusted average since 2ooo ($1041 hillicn) but slightly lower than the inflation-adjusted lgure for 2021. The ERS projects that net cash income, a more accurate indicator of cash flow, will be $6885 bil- lion in 2022, 35 percent higher than the inflation- adjusted average since 2000 ($124.5 billion) and the highest level since 2012.2 The strong levels of income in 2022 are particu- larly striking given the recent large increases in total prodticion expenses (i,3 nercent over 2021) and, in particular, fertilizer expenses (43.8 percent over 2021). Farni debt is projected to decrease by 1.2 percent from the historically high levels in 2021 but remains less than 13 per-cent of the total value of farm assets, which are also estimated to increase by 3.6 percent over 20213 In this report, we update an earlier assessment from February 202,4 and provide an overview of tae general agricultural economy's financial shape using a range of indicators. Overall, these sector- wide indicators demonstrate that as of August 2022, the farm economy looks to be in strong financial shape. Farm income Remains Strong The USDA uses rwo broad annual (calendar year) ineasures of farm income: net cash income and net farm income. Net cash income is the difference oetween gross cash income, which includes gross cash receipts from sales of crops and animal and animal products, plus other farm-related income

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