Farmers in Missouri and Illinois can expect a tougher year in 2023, according to agricultural economists. Crop prices, especially for corn, soybeans, and cotton, are expected to go down, while the cost of farming may also be lower but not by nearly as much.
Livestock producers may have slightly better news, as extremely dry weather has hurt cattle production and economists predict higher beef prices. However, livestock producers are also seeing increased pressure on their costs to raise animals.
Consumers can expect higher prices at the grocery store and in restaurants, but not quite as bad as the increases seen last year. U.S. consumer food prices increased by 9.9% in 2022, the highest rate in decades, but the annual average increase in the food consumer price index is projected to be 5.9% in 2023 and 2.5% in 2024.
The change in outlook for the agriculture sector comes as Congress is expected to miss its deadline to renew the farm bill, the sprawling legislation that covers SNAP food assistance benefits, crop insurance programs, and overall agricultural policy. Analysts predict Congress will likely extend the current version for at least a year, and changes in the economic outlook could affect the final version.
Photo Credit: gettyimages-patrick-jennings
Categories: Missouri, Crops, Corn, Soybeans, General, Livestock