2023 Baseline Update for U.S. Farm Income and Government Costs
September 11, 2023
FAPRI-MU Report #04-23: This report utilizes commodity supply, demand and price projections from the FAPRI-MU August 2023 baseline update (FAPRI-MU Report #03-23). Historical data are from USDA and include the revision to farm income accounts released by the Economic Research Service (ERS) on August 31, 2023. ERS reduced its previous estimates of 2022 farm expenses and raised its estimates of farm receipts, resulting in the revised estimate that net farm income reached a record $183 billion in 2022.
Excel tables can be found here.