Net farm income is forecast to total just over $151 billion this year. That’s down from 2022 net income of nearly $183 billion. USDA’s Economic Research Service made this forecast. Agriculture Secretary Tom Vilsack released a statement, saying farm income is expected to drop below last year’s record high, but “it is still one of the best years on record.” Vilsack went on to say that income is not evenly distributed across the farm spectrum and most farms need off-farm income to make ends meet. That has been a common theme to Vilsack speeches over the past year. The USDA leader cited the need for small-and-medium sized farms to benefit more from new and better markets, including climate-smart opportunities.
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