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In 2022, landowners experienced record high farmincome, with netfarmincome reaching $183 billion. NetFarmIncome and Cash Farmer Income, Inflation Adjusted (billion dollars) Note: F = forecast. But in 2023, that number is predicted to fall 22 percent. Livestock and Poultry: +17.9%
As COVID-era funding runs out and input costs continue to rise, farmincome is expected to fall 22 percent in 2023. Even so, it’s important to understand that farm liquidity remains strong and netfarmincome will still remain well above the 10-year average. billion to $140.4 in the Corn Belt.
million acres of U.S. million acres). In comparison, China owns 347,000 acres. Cropland Pastureland Most expensive cropland per acre New Jersey: $18,100 California: $15,880 Iowa: $10,100 Illinois: $9,580 Delaware: $9,500 Highest percentage increase in cropland price year-over-year Kansas: 16.6% agricultural land.
On May 1, 2024 – after months of stalled farm bill negotiations on both sides of Capitol Hill – Senate Agriculture Committee Chairwoman Debbie Stabenow (D-MI) released a detailed section-by-section summary of her farm bill proposal. Conservation and Climate The benefits of on-farm conservation programs are widespread.
The continuation of these cuts and others – even for a short time – will result in limited impacts and ultimately more farmers, ranchers, and rural businesses being turned away due to lack of funding. The discrepancy revealed much about which farm businesses the new Congress will be inclined to prioritize (i.e. billion.
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