USDA predicts bump in crop acres, lower farm income for 2023

While combined plantings of all corn, soybeans and wheat could reach 228 million acres, up 3% from last year, USDA predicts net farm income could decline $25.9 billion this year. Seth Meyer, USDA chief economist, discussed the latest projections for crop production, farm income and trade during USDA’s Ag Outlook Forum.