The USDA has pulled back its projections for net farm income in 2023 by nearly 23% to $141.3 billion.
University of Missouri ag economist Scott Brown says livestock cash receipts are expected to decline by 4.6% even with a nearly 18% jump in cattle receipts. “Hogs were down 9.8%,” he says. “Dairy has a $12 billion decline in dairy receipts in 2023 relative to 2022, that’s 21% lower. Boilers are also down nearly 13% and eggs down 32%.”
Brown says there are other factors pressuring farm income in 2023.