Net farm income is down more than 20 percent from last year’s record high. USDA is forecasting farm profits at $151 billion, down from $183 billion in 2022. Economic Research Service Administrator Spiro Stefano said farm debt is increasing, but the value of farm assets is growing at a faster rate. Stefano feels the result is “a fairly healthy financial situation for the farm sector.” Direct government payments are expected to total just over $12 billion this year, down more than 22 percent from last year. For the individual commodities, the new report estimates cash receipts from corn production will be down more than ten percent from a year ago. Soybean receipts are forecast to decline six percent. Lower wheat prices cut overall wheat receipts by 1.3 percent. For animal agriculture, cash receipts declined more than 18 percent for milk, nearly 17 percent for cattle and calves, 14 percent for hogs and 3.3 percent for turkeys.
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