2023 brought sharply lower farm incomes for the majority of producers
American Farm Bureau Economist Seth Meyers says farm income was lower in 2023 but that is due to the record high seen in 2022.
Net cash income for producers last year came in at just under $158 billion, representing a 21 percent drop from 2022. However, Meyer provides some hope.
“Still well above the average of the last couple of decades. An interesting fact here is also that the last three consecutive years of farm income are the highest 3 farm income years in my lifetime.”
USDA confirms that 2020 through 2023 are the highest consecutive farm income years in five decades.