The latest report from the Center for Agricultural Profitability at the University of Nebraska and the Rural and Farm Finance Policy Analysis Center at the University of Missouri projects Nebraska net farm income for 2022 will be $7.2 billion, down from last fall’s projection of slightly more than $8.0 billion. If realized, 2022 farm income would be 10 percent less compared to 2021. However, 2022 would still rank as one of the top four income years for Nebraska farmers with a level similar to those seen in 2011 and 2013 (Figure 1). The latest USDA projections estimate better net farm income in 2022 for U.S. agriculture as a whole. Income in Nebraska, in contrast, is expected to be lower due to the impacts of drought. USDA estimates of Nebraska income will be forthcoming in October.
The Nebraska and Missouri economists also take a swing at projecting farm income for 2023 in their report, forecasting a slight bump to reach $7.3 billion. Crop receipts are projected to be lower this year compared to 2022 due to lower prices. Livestock receipts are projected to be higher because of higher cattle and calf receipts. And production expenses are projected to increase by 2 percent, welcome relief to Nebraska producers who experienced double-digit increases in expenses in both 2021 and 2022.
Source: nefb.org
Photo Credit: gettyimages-d-keine
Categories: Nebraska, Business