The Food and Agricultural Policy Research Institute has updated its baseline economic outlook to reflect the impact of the Russia-Ukraine war on markets. This report calls for higher commodity prices, higher production expenses and higher food costs than reported in the March report. FAPRI is forecasting 2022 net farm income to be on par with last year with higher crop and livestock prices offsetting the increase in expenses and the drop in government payments. Assuming a return to more normal conditions next year, FAPRI projects lower prices for many commodities and lower net farm income.
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