Meyer: Farm Forecast Reason To Celebrate
While we only have a few weeks remaining on the year, USDA is out with its 2022 farm income forecast. And USDA chief economist says the latest numbers is reason for farm country to celebrate.
"Record net cash farm income the largest net farm income in decades and a lot of it on strength in prices.”
That, Meyer, pointed out, enabled many farmers nationwide to show a profit despite much higher production expenses.
“Fuel and oil up more than 47%, fertilizer up 47%, pesticides up 35%.”
Despite those challenges, Meyer says the forecast indicates farm incomes are up, farm debt is down year-over-year, and equity up. Meyer says now the farming community can enjoy these numbers, enjoy the holidays, and prepare for 2023.
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