American Farm Bureau Federation President Zippy Duvall and National Farmers Union President Rob Larew testified at a House Agriculture Committee hearing to discuss the ag economy. Duvall said farm income isn’t keeping up with costs. According to a USDA forecast, farm net income will decrease 15.9 percent in 2023, while expenses will increase by $18 billion dollars. “Affordable and reliable energy is critical for the farm economy to operate and remain stable.” Larew emphasized farmers and ranchers are vulnerable to influences of inflation. “Supply chain disruptions have set the stage for rising costs and farmers and ranchers. These inflationary pressures are intensified by a lack of market competition in the food system.”
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