Farmers Net Income Down From 2021

May 30, 2023

That drop followed a 50 percent gain in 2021 and a 79 percent gain in net income in 2020. It's no surprise what the number one factor was, higher fertilizer prices. It wasn't just that, but also higher fuel prices and the cost of feed remained high following the massive drought of 2021. Just to be clear, net income represents the difference between a farmer's cash receipts and their operating expenses.

The price of fertilizer last year, rose more than 61 percent to 11.9 billion dollars. It was impacted by several factors including high natural gas prices and the ongoing war in Ukraine which has now dragged on for more than 15 months. Farmers based in Saskatchewan had the highest realized net income in 2022 at 4.5 billion, followed by Alberta at 3.3 billion and Ontario at 2.3.

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Video: Understanding the Basics of the Renewable Fuel Standard

On Friday, April 24, 2026, from 12 noon–1:00 ET, the Penn State Center for Agricultural and Shale Law, alongside the Pennsylvania Department of Agriculture’s (PDA) Agricultural Business Development Center (ABDC), presented this webinar in the Understanding Agricultural Law Educational Series, a course designed to develop subject matter literacy and competence on fundamental issues of agricultural law for attorneys and business advisors who work with or represent agricultural or rural clients but may not necessarily specialize in agricultural law:

“Understanding the Basics of the Renewable Fuel Standard”

The Clean Air Act’s Renewable Fuel Standard (RFS) program requires transportation fuel sold in the United States to contain a minimum volume of renewable fuels such as ethanol, biodiesel, or advanced biofuels. Established by the Energy Policy Act of 2005 and later expanded by the Energy Independence and Security Act of 2007, the RFS is implemented by the U.S. Environmental Protection Agency (EPA) in collaboration with the Department of Energy and the U.S. Department of Agriculture (USDA).

This webinar provides an overview of the legal authority and structure for the RFS program and explain how it works, including the program’s system of Renewable Identification Numbers (RINs) and categories of renewable fuels. Additionally, this webinar addresses EPA annual volume requirement rulemaking and associated recent legal issues.