Based on USDA-ERS’s Farm Sector Income projections published August 31, 2023, U.S. net farm income[1] would reach $141.3 billion in 2023, down $41.7 billion (22.8%) from 2022 ($183.0 billion); however, the projected net income would be $40.0 billion above the estimated 10-year average.

U.S. cash receipts in 2023 calendar year are forecast to decline 23.0 billion (4.3%) to $513.6 billion from the previous calendar year ($536.6 billion) (Figure 1). As indicated by USDA-ERS, this decline is mainly price driven as it has a projected negative price effect of $20.3...