Meyer: 2023 Wont Be That Bad Of A Year For Farm Country
The USDA’s new farm income forecast for 2023 says the farm sector as a whole will see net cash income down from last year's record high by almost 21% but many analysts are quick to point out.
“Almost any year in connection to 2022 is going to look less favorable," USDA chief economist Seth Meyer said farm country can’t look at new forecast as a farm income disaster.
“Yes, it is declining relative to last year. Yes, receipts are falling. Yes, government payments are falling. Yes, input prices continue to rise. But it's still a better than the long run average farm income year.”
Meyer said this is not a case of asking is the cup half full, or half empty; he noted the glass is ¾ full, adding farm income still looks pretty good. And while margins maybe squeezed, he’s confident the American farm sector will be in pretty good shape by the time the year comes to an end.
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