Net farm income drops 21 percent, economist says

Brian Hoops
Jan 9, 2024
Jan 9, 2024

Combine in field — The U.S. Department of Agriculture’s most recent Farm Sector Income Forecast, released Dec. 1, anticipates an increase in net farm income for 2022.
American Farm Bureau Federation

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As farmers close the books on 2023, many of those spreadsheets are showing farm income came down significantly from the record highs of one year ago. USDA Chief Economist Seth Meyer said net farm income will total $158 billion this year, a 21 percent drop from 2022. “That’s still well above the average of the last couple of decades.”

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Brian Hoops is president and senior market analyst of Midwest Market Solutions Inc. The home office is in Springfield, Mo., with branch offices in Thief River Falls, Minn.; Verona, N.D.; Yankton, S.D.; Storm Lake, Iowa; and Springfield, Neb.