What Does the Farm Economy Look Like in Late 2023?
“This surprised me a little bit. USDA just adjusted the 2022 net farm income to the all-time record high in 2022. Now it surprised me a little bit. I know, on our farm, it was probably our best year ever. We had very high prices for commodities, and we had quite a bit of government farm program payments in that year. So, it was a very good year.”
“2023 is forecast to be down a bit but still at a high level. As we're going into this situation that we're watching right now, where we're starting to see commodity prices fall substantially, we're coming off of three pretty good years, and I think that's important to remember.”