Farmers May See Dip In Income, But Experts Say There Are Reasons To Be Optimistic

Mar 24, 2021

By Seth Bodine

Farmers might make less money this year due to less assistance from the government and increased production costs.

Farm income is estimated to be $112 billion in 2021 — $9 billion less than last year.

In 2020, farmers and ranchers made a total of $121 billion, the highest amount since 2013. Government subsidies account for $46 billion, according to a report from the Food and Agricultural Policy Research Institute at the University of Missouri.

China also played a big part in increased incomes. Patrick Westhoff, director of the institute, says there has been an increase in demand in crops like soybeans after African swine fever devastated the Chinese pork industry.

“They've been trying to rebuild. To do so, of course, you need feed for those livestock,” Westhoff says. “They’re trying to change the way they feed livestock without using kitchen scraps and things like that as much as they used to, but instead rely on corn and soybean meal.”

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Video: How Did This Happen… Late Night Disaster!!

We started the day with some spraying ahead of the corn planter, then we transitioned over to the bean planter. While we were running the bean planter, the corn planter was hard at work all day. After days of grinding, we finally sealed the deal and finished up the very last of our corn planting!

Everything was running flawlessly until late into the night. Just as we were wrapping up, disaster struck—a massive flat tire on the sprayer… We were able to get the sprayer off the road safely and into the field. What a day!

My name is Michael Wendling, and I am proud to be a 6th-generation farmer carrying forward a family legacy that began in 1879 here in East Central Illinois.

Today, our operation focuses on raising food-grade corn for Frito-Lay and also soybeans. While the tools and technology have evolved, our core values remain the same: hard work, integrity, and a deep respect for the land we steward. Thank you for following along and supporting the journey.