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FAPRI’s report shows prices for many farm commodities have fallen sharply from 2022 peaks and will likely decline further for crops harvested in 2024 and beyond. As a result, netfarmincome is expected to hit the lowest level since 2020. per bushel in 2022-23 fall to a projected $4.39 per bushel to a projected $10.73
The outlook summarizes baseline projections for agricultural and biofuel markets using information available in January 2023. Crop insurance accounts for 45% of projected spending on major farm-related programs over the next decade. Projected netincome declines in 2023 and 2024 as receipts and payments fall.
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