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Latest USDA farm income forecast shows a decline in 2023

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The USDA has raised its 2023 projected farm income from its most recent estimate by nearly $10 million.   However, University of Missouri ag economist Scott Brown says, “That’s lower by about $30 billion than the record that we set in 2022 of roughly $183 billion.”

He tells Brownfield livestock cash receipts are expected to decline by $13 billion in 2023 compared to 2022 despite an increase of more than $14 billion in cattle and calf receipts.

Latest USDA farm income forecast shows a decline in 2023