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USDA Forecasts 23 Percent Drop from 2022 Farm Income Levels

USDA’s most recent Farm Sector Income Forecast dropped net farm income expectations for 2023 lower than initial February estimates to $141.3 billion, down 23% from 2022’s $183 billion. This $41.7 billion decline nearly erases the $42.9 billion increase that was forecast between 2021 and 2022 but is smaller than the $46 billion gain between 2020 and 2021 following the COVID-19 pandemic.

Read more about farm income levels here