Nebraska Net Farm Income 2022-23 Update and Outlook

Money in soybeans
According to the latest farm income outlook, production and feed expenses are expected to level off this year, and fuel and oil prices are expected to fall modestly. View the full report at the links below.

Nebraska Net Farm Income 2022-23 Update and Outlook

Net farm income in Nebraska for 2022 is projected to have fallen to $7.2 billion before rising modestly to $7.3 billion in 2023 according to a report produced in collaboration between the University of Nebraska-Lincoln’s Center for Agricultural Profitability and the University of Missouri’s Rural and Farm Finance Policy Analysis Center

Drought impacts across the state contributed to a reduction in projected net farm income in Nebraska compared to a forecast produced last fall before the full extent of drought losses had been realized.

According to Brad Lubben, extension policy specialist with the Center for Agricultural Profitability and a co-author of the report, Nebraska’s ag sector has taken a different path than U.S. agriculture since 2021.

“After record farm income in 2021, U.S. farm income projections point to an even higher record for 2022 before falling back in 2023,” Lubben said. “Nebraska, on the other hand, took the fall in 2022 due to drought losses and thus may hold relatively steady for 2023 as growing conditions presumably return to normal.”

Read more on the report and view a related webinar on the Center for Agricultural Profitability site.

Read the full article

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