Analysis from the University of Missouri shows that US net farm income is expected to decline but remain higher than previous long-term averages.
Ag economist Scott Brown with the Rural and Farm Finance Policy Analysis Center says a cost-price squeeze is coming with a lower commodity prices and higher input costs. “When you look at 2023 cash receipts, they’re going to be about $21 billion lower than where we were in the peak of 2022, yet production expenses about $30 billion higher.”
Farm income is projected at $145 billion in 2023, a decline of about $30 billion from the record set in 2022.
