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2023 net farm income down nearly 16%

USDA is forecasting net farm income to decline in 2023 after three consecutive years of growth.

Carrie Litkowski is a senior economist for the Economic Research Service.

“For crops, lower prices are expected to outweigh higher quantities sold and for livestock, both lower prices and lower quantities sold are expected to lower cash receipts,” she explains.

Lower prices are expected to pressure corn and soybean cash receipts, while increased movement could help wheat receipts, but, “They’re not going to increase enough to offset lower government payments, and in particular, higher production expenses,” she says.

2023 net farm income down nearly 16%