Baseline Update for U.S. Farm Income and Government Costs

FAPRI-MU Report #05-22 utilizes commodity supply, demand and price projections from the FAPRI-MU baseline update released in August 2022 (FAPRI-MU Report #04-22).

In 2022, farmers are paying a lot more for the inputs they buy and earning a lot more from the products they sell. These two effects largely offset each other, resulting in little change in net farm income. Looking ahead, a projected decline in farm commodity prices outpaces expected declines in farm input prices, and projected net farm income declines in 2023 and 2024.