USDA's Outlook for 2023

Abstract

Every February, the US Department of Agriculture (USDA) provides its outlook for the agricultural year ahead at its annual conference, the Ag Outlook Forum. During the forum, USDA brings together industry, academic, and government experts to discuss the major agricultural issues of the day and examine the near-term market outlook for agriculture. This year’s forum follows two of the best years ever for net farm income. Farmers across the nation captured higher prices and returns for most commodities. The markets were supported by strong domestic and international demand. But with concerns about recession and inflation dominating the general economic discussion, the projections for 2023 highlight some challenges for agriculture in the year ahead.