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Agricultural Income and Finance Situation and Outlook: 2021 Edition

Author

Listed:
  • Dubman, Robert
  • Key, Nigel
  • Law, Jonathan
  • Litkowski, Carrie
  • Mandalay, Okkar
  • Subedi, Dipak
  • Todd, Jessica E.
  • Whitt, Christine

Abstract

The U.S. agricultural economy experienced pronounced volatility over the 2009–19 decade, including strong periods of expansion in the first part of the decade followed by several years of contraction. Although many financial indicators of well-being—including farm sector and household income—were at or near their long-term average in 2019, shifts in the distribution of Government payments from farm programs occurred. In addition, bankruptcy rates were elevated in some key agricultural States. This report describes major trends in the agricultural economy over the most recent decade for which survey data are available (2009–19) and explores drivers underlying the trends. The analysis is based on USDA’s Farm Income and Wealth Statistics data product, data collected from farm operators and farm households through the Agricultural Resource Management Survey (ARMS), and data from U.S. Bankruptcy Courts. The charts and analyses provide a historical perspective to evaluate current economic conditions.

Suggested Citation

  • Dubman, Robert & Key, Nigel & Law, Jonathan & Litkowski, Carrie & Mandalay, Okkar & Subedi, Dipak & Todd, Jessica E. & Whitt, Christine, 2021. "Agricultural Income and Finance Situation and Outlook: 2021 Edition," USDA Miscellaneous 316342, United States Department of Agriculture.
    • Handle: RePEc:ags:usdami:316342
    DOI: 10.22004/ag.econ.316342
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    References listed on IDEAS

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    1. Stam, Jerome M. & Dixon, Bruce L., 2004. "Farmer Bankruptcies And Farm Exits In The United States, 1899-2002," Agricultural Information Bulletins 33689, United States Department of Agriculture, Economic Research Service.
    2. Wendong Zhang & Cynthia J. Nickerson, 2015. "Housing Market Bust and Farmland Values: Identifying the Changing Influence of Proximity to Urban Centers," Land Economics, University of Wisconsin Press, vol. 91(4), pages 605-626.
    3. Robert Dinterman & Ani L. Katchova & James Michael Harris, 2018. "Financial stress and farm bankruptcies in US agriculture," Agricultural Finance Review, Emerald Group Publishing Limited, vol. 78(4), pages 441-456, February.
    4. MacDonald, James M. & Cessna, Jerry & Mosheim, Roberto, 2016. "Changing Structure, Financial Risks, and Government Policy for the U.S. Dairy Industry," Economic Research Report 262200, United States Department of Agriculture, Economic Research Service.
    5. Key, Nigel & Burns, Christopher & Lyons, Greg, 2019. "Financial Conditions in the U.S. Agricultural Sector: Historical Comparisons," Economic Information Bulletin 301076, United States Department of Agriculture, Economic Research Service.
    6. Lawrence E. Shepard & Robert A. Collins, 1982. "Why Do Farmers Fail? Farm Bankruptcies 1910–78," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 64(4), pages 609-615.
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