Mizzou Study Says Farm Incomes Will Fall in 2023

A report released by the Rural and Farm Finance Policy Analysis Center at the University of Missouri says the state’s net farm income is predicted to fall in 2023 following a record-setting 2022.

According to the spring 2023 Missouri Farm Income Outlook report, a 14% decrease in net farm income is forecasted to occur across the state’s agriculture industry this year, compared to a projected 19% decrease in U.S. net farm income.

One factor that could explain this projected drop in farm income is the state’s livestock receipts, which were impacted by the country-wide drought that reduced cattle inventories and supported Missouri marketings, which is the physical sale of live animals.

The report predicts livestock receipts are expected to decrease by $400 million this year.

The report also predicts crop receipts to decrease by $430 million in 2023, inventories for cattle, hogs and poultry to make a rebound from 2022, and production expenses are forecast to increase by $230 million despite a slight decline in fertilizer, feed and fuel costs.

See the full reports for Missouri, Nebraska, and Arkansas here.