Farm Progress

Farm Progress America, September 5, 2023

Mike Pearson tells us how number crunchers at the USDA say the future farm income outlook doesn't look bright.

September 5, 2023

Mike Pearson says many farmers will produce less income in 2023 than they did in 2023.

The USDA Economic Research Service reports farm income will drop for many for the first time in five years.

In fact, many farmers will see a 23 percent drop in farm income due to lower crop prices and higher costs to plant plus a 19 percent drop in government prices.

Also on many farmers' mind is the next farm bill. It's set to expire and congress will have a limited amount of time left in 2023 to get a new one passed. Many commodity groups are asking for a more dependable and stable assistance.

This year's net farm income will come in at $141.3 billion down from $181 billion in 2022.

However, some producers in the hay, beef, vegetable and melon farmers should see stronger income than cotton, wheat, corn and soybean farmers.

Farm Progress America is a daily look at key issues in agriculture. It is produced and presented by Mike Pearson, a farm broadcaster and host of This Week in Agribusiness.

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