USDA is projecting 2022 net farm income at $113.7 billion, down 4.5 percent from last year. “A lot of the decline is due to the drop in government payments and higher production expenses,” said Spiro Stefanou, administrator, USDA Economic Research Service. USDA Chief Economist Seth Meyer said the big factor in bringing farm income down will be the dramatic drop in direct government payments. “They’re expected to fall $15.5 billion or 57 percent.” Net farm income will still be more than 15 higher than the long-term average.
