Farm Income Decline Varies by Region

After reaching recent highs in 2021 and 2022, the average net cash income of U.S. farm businesses is expected to decline by 18% in 2023 compared with 2022.

According to the USDA’s Economic Research Service, farm businesses across the country are forecast to see higher production expenses, lower cash receipts, and lower Government payments in 2023, resulting in lower expected average net cash farm income.

However, this overall decline will vary considerably across the country.