Cash Strategist 12/7/2022
The U.S. farm economy remains quite strong. Data indicate the U.S. farm income for 2022 will total a record $160 billion, up 14% from 2021.
Returns on grains and oilseeds were up 19% during the year, while livestock revenue was up 31%. Farm expenses in 2022 were also up, increasing 19% at a projected $70 billion.
There are concerns for 2023 farm income, though, with most economists expecting a setback in revenue. This is from prospects for inputs to remain high while commodity returns soften.
The trade is keeping a close eye on recent trade between the U.S. and Mexico. Mexico had announced it won't import genetically modified (GMO) corn starting in 2024. Mexico has a long-standing opposition to GMO imports as a whole but has accepted corn from the U.S. for feed purposes.
This is concerning to...
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