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.