U.S. net farm income is forecast to increase by $20.7 billion, or 20.1%, to $123.4 billion in 2021, according to a Feb. 4, 2022, report from USDA.

The latest episode of On the Record is now available! In this week's episode, we cover Titan Machinery's strong second quarter of fiscal year 2022, which saw revenues increase 24.4%. In the Technology Corner, Michaela Paukner shares a close look at 360 Yield Center's 360 RAIN autonomous irrigation system. Also in this episode, the Ag Economy Barometer shows farmer sentiment recovered slightly in August, Raven Industries' Senior Director of Global Sales Sarah Waltner shares some opportunities for the technology company after its acquisition by CNH Industrial closes. Finally, Ben Thorpe takes a look at the latest forecast for net cash farm income, which is estimated to be up 17% in 2021.

U.S. net farm income is forecast to increase $37.8 billion (44.2%) in 2020 and then decrease $12 billion (9.7%) to $111.4 billion in 2021.

In inflation-adjusted 2018 dollars, net farm income is forecast to decline $10.8 billion (14.1%) from 2017 after increasing $13.0 billion (20.2%) in 2017. If realized, inflation-adjusted net farm income would be 3.3% above its level in 2016, which was its lowest level since 2002.