High production costs and lower commodity prices are expected to cause a decline in farm income in 2023.
University of Illinois Ag Economist Nick Paulson says farmers should remain profitable, but income will likely come down from the high levels seen the past few years.
“Once commodity prices start to come down, production costs might continue to go up and I think that is the phase we are expecting to be in for 2023.
Smaller farm incomes projected for 2023
