A farm income report has projected an uptick in farm income for Nebraska producers primarily due to higher cattle prices and recovery in ending year inventories and values.
The state’s farm income is projected to be nearly $7.8 billion in 2023, according to a report released in October by the University of Missouri Rural and Farm Finance Policy Analysis Center.
“Higher production expenses year after year are increasingly challenging profit margins, but for now, strong farm income prospects for 2023 show the strength of the agricultural sector in the state,” the report read.
Lower crop prices are projected to reduce receipts by 14% despite a modest increase in yield. Despite herd liquidation due to drought and limited grazing, the report projects cattle receipts will climb to $2.44 billion. It also projects cattle inventory to rise until 2024, prices will peak in 2025 and liveweight basis marketings increase in 2024 onward.
