Net farm income, a broad measure of profits, is forecast to increase by $7.3 billion (5.2 percent) from 2021 to $147.7 billion in calendar year 2022. This expected increase follows an increase of $45.9 billion (48.5 percent) in 2021 from 2020. Net cash farm income is forecast to increase by $22.1 billion (15.1 percent) to $168.5 billion in 2022, after an increase of $29.6 billion (25.4 percent) in 2021.
In inflation-adjusted dollars, 2022 net farm income is forecast to decrease by $0.9 billion (0.6 percent); net cash farm income is forecast to increase by $13.5 billion (8.7 percent) compared with the previous year. If realized, net farm income and net cash farm income in 2022 would remain above their 2002–21 average (in real terms).
Growth in crop receipts forecast for 2022
Crop cash receipts are forecast at $274.2 billion in calendar year 2022, an increase of $36.4 billion (15.3 percent) from 2021 in nominal terms. Combined receipts for corn, soybeans, and wheat are forecast to increase by $30.7 billion, accounting for most of the net increase, and receipts are expected to fall for potatoes and fruits and nuts.
Vegetable and melon cash receipts are expected to rise by $1.6 billion (8.8 percent) in 2022 because prices are forecast to increase. This total includes, however, a forecasted drop of $0.6 billion in potato receipts. Cash receipts for fruits and nuts are expected to fall by $0.9 billion (3.0 percent) in 2022. Growth of $0.7 billion (63.2 percent) in sugarbeet receipts is also forecast for 2022.