The fallout from the trade war with China and the advent of COVID-19, sharply impacted both row-crop and livestock producers in 2020.  Government support probably represented 40 percent of farm income in calendar 2020.

With the sharp increase in imports by China and increased domestic demand, prices of corn, soybeans and beef have risen to levels that have materially increased farm income.  The USDA estimates that farmers will earn an additional $12 billion from row crops and livestock producers will receive an incremental $9 billion over 2020.

Agricultural economist affiliated to Land Grant universities and the think-tanks suggest that farmers will be in a more favorable financial position in 2021 questioning the extent of farm support payments.