A changing scenario 🤷

📉 Despite the rise in fertilizer and fuel prices, net farm income hit a record in 2022. However… USDA ERS says there’s some stuff we need to keep an eye on: forecasts show that net farm income can fall nearly 16% this year. 

     • The USDA’s first official net farm income forecast of the year shows higher costs will drive down 2023 net farm income, but the greatest factor is the forecast for a decline in commodity prices. 

👀 If commodity prices can at least remain steady, the picture won’t seem bleak, even though it’s still a changing scenario. Read the full USDA forecast and report here.