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USDA – Farm Income Forecast

Many producers may see profits drop compared to 2022.  The USDA Administrator of USDA’s Economic Research Service Spiro Stefanou says the projections are for a 4.3% decline in total cash receipts and a 3% drop for crops.

Other declines include livestock down 5% led by a decline in dairy sales.

Farmers can expect a lot less from the government.  USDA says government payments will be down about 34%.

All of this means profits for most producers will drop by about 21%.

USDA Chief Economist Seth Meyer it is not all gloom and doom.

When looking at a broader outlook, most producers will be in pretty good shape.

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