Dr. Penson Feature
The USDA is looking bearish in the latest farm income forecast, with net farm income projected to decline by nearly 16 percent in 2023. The Fed is expected to continue to raise interest rates 25 basis points at a time as they fight to reign in inflation to their two percent target. Top expenditures that are keeping the inflation rate stubbornly high include transportation, services, and rent costs. Continued high production costs, lower government payments, and a decline in total farm cash receipts are the main factors contributing to the anticipated softening in net farm income this year. There are several ways farmers and landowners can implement now to offset future risk, including locking in commodity contracts or discussing liquidity needs with your lender. These risk management strategies and more are discussed in-depth in AgAmerica's latest economic outlook report.
Dr. John B. Penson, Jr., Chief Economist
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