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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. Hog, poultry and milk prices all declined in 2023 as demand weakened. .
The outlook summarizes baseline projections for agricultural and biofuel markets using information available in January 2023. Higher fertilizer, fuel and feed costs contributed to a sharp increase in farm production expenses in 2022. Cattle, hog, poultry and milk prices all increased in 2022. in 2023 and under 2% in 2024.
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