Missouri net farm income to decline in 2023

By Blake Jackson

Missouri net farm income is projected to decline by 11% in 2023, according to the fall 2023 Missouri Farm Income Outlook report released by the Rural and Farm Finance Policy Analysis Center (RaFF) at the University of Missouri.

The report attributes the decline to declining crop receipts and stubborn production expenses. Crop receipts are expected to decrease by $840 million in 2023, largely due to declining commodity prices and lower yields. Livestock receipts are expected to increase marginally in 2023, but this will not be enough to offset the decline in crop receipts.

Production expenses are expected to increase by $470 million in 2023, despite small decreases for fertilizer, feed and fuel expenses. Costs for purchased livestock, seed, interest and other production inputs are expected to increase.

The Missouri Farm Income Outlook is one of multiple state-level farm income analyses published by RaFF this fall. The center collaborates with land-grant institutions in Arkansas, Kansas and Nebraska to develop farm income projections with local expertise.

"Insights developed through our farm income projections help us better understand the uniqueness of farm income factors regionally," said Scott Brown, RaFF interim director. "State-level analyses like the Missouri farm income report can help producers, policymakers and stakeholders alike be equipped with information to make sound decisions that impact agriculture."

The full report and data tables can be found at https://ruralandfarmfinance.com/publications/#farm-income-estimates

 

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