USDA Predicts Steep Decline in Farm Income and Cropland Values

The USDA forecasts that net farm income in the US will drop nearly 23% in 2023, marking the first decline in five years. The projected income of $141.3 billion is a significant decrease from the record high of $183 billion in 2022. The report also indicates a 4.3% decrease in farm cash receipts and a 6.9% increase in expenses. Government payments are expected to fall by 19%. As Congress prepares to draft a new farm bill, producer groups are focused on protecting crop insurance and advocating for adjustments in commodity programs.