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The U.S. farmers will experience reduced income this year

U.S Farmers incomes

Farmers in the U.S. will experience a reduction in their incomes this year. This is the first time since 2019, and it is due to the higher production costs, a drop in direct government payments, and cash prices for commodity crops and livestock easing back from historic highs, according to a report from the USDA.

The net farm income (a broad measure of profits in the agricultural economy) is expected to reach $136.9 billion in 2023 in nominal dollars, which is down nearly 16% from a year earlier.

The report indicated that:

Much of the income pressure in the crop sector came from lower prices of

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