Agri-Pulse published an article stating USDA’s latest farm income forecast could provide some ammunition to farm groups and their allies in Congress who argue that soaring production costs are eating into farm earnings while producers have little chance of seeing payments from commodity programs.
Joseph Glauber, a senior research fellow at the International Food Policy Research Institute, said the projected drop in farm earnings for 2023 should be no surprise given that 2022 was a “remarkable year by any yardstick.”
He cautioned that early estimates of farm income “are full of uncertainty and with the ongoing war and tight stocks, they may end up a lot different by the end of the year.”