Increasing prices were seen across the board for agriculture in the crops and livestock sectors in 2022. As a result, the USDA is projecting a 26.5 percent increase in net cash farm income in the US. Tempering that growth was the continued increase in production expenses in almost all expense categories. This is even more apparent when looking at regional variations in net cash farm income, where the Southern Seaboard, which includes much of Alabama, is projected to decrease by 11.8 percent. Further concern also exists about maintaining revenue levels as prices begin to stabilize. While examining supply and demand factors provides a marketing look ahead, other factors also affect agricultural production and farm profitability.
This is a glimpse into the presentations from the 2023 Ag Outlook Conference, which covers topics in crops, livestock, forestry, land ownership, and agricultural policy. We hope this science-based information provides you with the resources necessary to make informed decisions for the year ahead.