USDA expects above average farm income in ‘23

The chief economist for the USDA says while farm incomes won’t reach the record levels of 2022 this year, the overall outlook for the farm economy is strong.

Seth Meyer tells Brownfield, “It would be hard to match 2022’s farm income,” he said. “When you look at 2023, our estimates are that it will be lower, but that it will remain above average.”

According to USDA data, U.S. net farm income was $162.7 billion last year and it’s expected to decline 15.9% in 2023.

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