U.S. net farm income forecast to decrease in 2023 and 2024

U.S. gross farm income, production expenses, and net farm income, inflation adjusted, 2003–2024F

Gross farm income reflects the total value of agricultural output plus Government farm program payments. Net farm income (NFI) reflects income after expenses from production in the current year and is calculated by subtracting farm expenses from gross farm income. NFI considers cash, non-cash income, and expenses and accounts for changes in commodity inventories. The inflation-adjusted net farm income estimate was a record-setting $196.4 billion in 2022. In 2023, net farm income is forecast to have decreased by 18.9 percent relative to 2022 and is expected to further decrease by 27.1 percent in 2024. Farm production expenses are projected to have decreased in 2023 by 1.3 percent relative to 2022 and to increase by 1.6 percent in 2024.

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