By Blake Jackson
Missouri farmers are expected to see an 11% decrease in net income in 2023, according to a report from the Rural and Farm Finance Policy Analysis Center at the University of Missouri. This follows a record-setting year in 2022.
The report attributes the decline to several factors, including:
- Declining crop receipts
- Stubborn production expenses
- Reduced cattle inventory due to drought
Despite the projected decrease, Missouri farmers are still expected to fare better than their national counterparts, who are facing a projected 23% decrease in net income.
The report also found that:
- Livestock receipts are expected to increase slightly in 2023, driven by strong cattle prices.
- Government payments are projected to increase $134.6 million in 2023, with the largest increase in supplemental and ad hoc disaster assistance.
- The value of all land and buildings is expected to increase to an average of $4,500 per acre, up from $4,150 last year.
Overall, the report paints a mixed picture for Missouri farmers in 2023. While facing some challenges, they are expected to fare better than their national counterparts and continue to see strong demand for their products.
Photo Credit: gettyimages-artqu
Categories: Missouri, Business, Crops, Livestock