According to the USDA Economic Research Service (ERS), net farm income is expected to decline in 2021 from 2020 levels. The decline is expected despite increased prices for many agricultural commodities largely due to a significant reduction in federal aid due to price increases. Despite the year over year decline, income is expected to remain above their historical average across 2000-19 even after adjusting for inflation.
More below:
https://www.agri-pulse.com/articles/15286-usda-farm-income-to-slip-in-2021-despite-market-surge