After nearly every sector of the U.S. economy battled record inflation in 2022, farmers are expected to see increases in almost everything but crop prices again in 2023.

At the U.S. Department of Agriculture's (USDA) annual Ag Outlook Forum last week, U.S. Department of Agriculture Chief Economist Seth Meyer offered his projections for the 2023 ag economy, which included dips in the value of corn, soybeans and hogs along with rises in the cost of interest rates on operating loans and labor.

“We expect farm income to pull back this year, but will remain above average overall,” Meyer said.

Total U.S. farm sector income is expected to be...