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Missouri’s Farm Income Appears on Pace for Another Record Year

(Missourinet) Missouri’s farm income appears on pace for another record year. Alisa Nelson reports.

A University of Missouri professor says data suggests 2021 set a record for Missouri farm income at 4.27-billion-dollars. John Kruse says 2022 appears to be close – at 4.19-billion-dollars.

He says commodity prices, which have gradually increased as global supplies have gotten tighter, are driving the income growth. He points to drought reducing crop production in other parts of the country and world.

Sanctions on Russia are expected to affect fertilizer supplies and energy prices.

According to Kruse, while higher commodity prices are expanding crop revenues, they also mean higher feed costs. He advises producers to use risk management tools for pricing and production. Kruse suggests farmers pay close attention to new opportunities offered under USDA’s Climate-Smart Commodities program that could generate new revenue streams.

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