USDA says net farm income will total nearly $103 billion this year, up 23 percent from $84 billion in 2019. Thirty-six percent of that income this year is from the federal government. “It’s because of the combined impact of MFP; a lot of those dollars were paid out in FY 2020,” said Tom Sell of Combest, Sell and Associates. “And there’s CFAP 1.0, WHIP+ for 2018 and 2019 crops; there’s no baseline associated with any of that.” There is uncertainty with ad hoc spending. “Crop insurance is one thing that we do know will be there, it is certain.” CIPA has had a role in bringing improvements to crop insurance, including trend yield adjustments and the APH yield exclusion.
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