farm income

The USDA is forecasting that farm commodity prices will drop in the year ahead and production input costs will stay or even move higher.  For producers, the question is: when/if input prices follow those output prices lower.   “We are forecasting that fertilizer and feed expenses will decline in 2023, yet they will remain high," noted USDA economist Carrie Litkowski. She added expenses for m.

Will the nation's farm sector generate yet another record amount of net income in 2023 as it's done the last two years?   “No, but the expectation is it will still be an above average year.”   USDA chief economist Seth Meyer told the USDA Outlook Forum last week that he expects net cash farm income this year to be $150.5 billion, which, if ...

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 declin...

While American families are dealing with record-high grocery prices, farm families can expect to see a drop in income during 2023.  American Farm Bureau Federation economists analyzed the Farm Income Forecast in their latest Market Intel Report, noting that income will fall 16% this year while costs will rise over 4%.   “...

There are several reasons behind the USDA forecasting a 21% drop in net cash income for farmers this year, but one of the more obvious reasons is the roughly 34% drop in government payments.  USDA chief economist Seth Meyer said 2023 will mark a couple of years in a row of direct government payments declining.  Meyer s...

U.S. farm cash receipts from animals and animal products totaled $195.8 billion in 2021, led by receipts for cattle and calves at $72.9 billion, or 37%.  USDA’s Economic Research Service reports that poultry and egg products made up the next largest share of 2021 cash receipts at $46.1 billion, or 2...

Look at the USDA’s numbers, and you’ll see that 2022 was far and away a record net farm income year.  But the question on the minds of many in farm county is: will 2023 be a better year?   USDA Chief Economist Seth Meyer says the odds are against that happening for a couple of reasons.  First, as he put it, 202...

Producer sentiment improved sharply in December.  The Purdue University-CME Group Ag Economy Barometer Index reading jumped 24 points month-over-month to a reading of 126.  Although U.S. farmers were more positive regarding both the current situation and the future, the biggest improvement was in their assessment of current conditions.  The Current Condi...

The past year was a mixed bag for Northwest producers.  Several growers enjoyed near record profits thanks to high commodity prices and government subsidies.  But unfortunately, high input prices cut into those gains, making 2022 flat or even a negative year for some across the region.  When it comes to ...

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...