Wineries Adjust to COVID and Biden on Phases-1 Trade Agreement
**Inflation-adjusted U.S. net cash farm income, gross cash income minus cash expenses, is forecast to increase $23.4 billion, that’s 21.1%, to $134.1 billion in 2020.
According to agrimarketing.com, U.S. net farm income, a broader measure of farm sector profitability that incorporates noncash items including changes in inventories, economic depreciation, and gross imputed rental income, is forecast to increase $35.0 billion, or 41.3%, from 2019 to $119.6 billion.
NCFI would be at its highest level since 2014 and 22.5% above its 2000-19 average.
**Virtual events and e-commerce have become more important to wineries during the pandemic, and agricultural business experts say wineries have been working to transition their marketing plans.
One analyst says smaller wineries have been especially hurt, but even larger operations have struggled to maintain profits.
Another expert says wineries have made much greater use of social media offerings such as live online events, chat tools and instant messaging.
**President-elect Joe Biden says he will not immediately try and remove the Phase 1 trade agreement, which President Trump signed with China.
As reported in dairyherd.com, Biden told the NY Times the U.S. needs to get leverage back to use in negotiations with China.
Biden says he’s not going to make any immediate moves, and the same applies to the tariffs, adding, he’s not going to prejudice his options.