What is actually happening with agricultural incomes?

Farming protests are currently taking place in several European countries. Several reasons are advanced for what is prompting these demonstrations – concerns over incomes and rising costs, the burden of additional environmental regulation, free trade agreements with third countries, the uncertainty arising from increasingly volatile weather conditions, the sense that society no longer values the work of farmers in the same way as in the past. No doubt all factors play some role, but in this post I want to dissect the farm income context. I make use of a chart that I posted on my X and LinkedIn feeds a little time ago, but a blog post allows me to give some additional background.… Read the rest