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Wisconsin farmers expected to end year with higher income

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Posted at 7:44 AM, Dec 30, 2020
and last updated 2020-12-30 08:44:30-05

MILWAUKEE (AP) — Direct government payments are expected to help Wisconsin farmers end the year with a higher average income than they did in 2019.

The U.S. Department of Agriculture’s Economic Research Service estimated in their latest farm financial forecast that net farm income will hit $119.6 billion in 2020, a 41 percent increase from 2019 and the highest income level since 2013.

The forecast is slightly higher than last quarter’s estimate, partly because of a price rally for corn and soybeans seen around harvest time.

Farmers also are expected to receive $46.5 billion in direct government payments. That’s $24 billion more than in 2019.

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