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Declines in crop and overall livestock receipts and direct government payments add up to a nearly $1 billion decline in Arkansas net farm income for 2023 from the previous year, the Rural and Farm Finance Policy Analysis Center said.
The center, working with agricultural economists from the University of Arkansas System Division of Agriculture, said in its “Fall 2023 Arkansas Farm Income Outlook” that Arkansas’ farm income totaled $3.3 billion.
“Arkansas 2023 net farm income is projected to decrease from the record set in 2022,” said Hunter Biram, extension economist with the Division of Agriculture.
The report said that total farm receipts declined $1.4 billion — with farm-related receipts offsetting a $1.5 billion decline in crop and livestock receipts — while production expenses decreased by $3 million and direct government payments fell by $60 million.
However, the good news is that “despite a decrease from 2022 to 2023, Arkansas net farm income is still above 2015-22 averages,” he said.
Poultry and egg receipts decline a combined $1.1 billion in 2023, largely due to lower prices. Cattle receipts grow by $233 million, while hog receipts decline $9 million.
Poultry production was 2.4 percent higher through August and the national composite broiler price is tracking 13.6 percent below 2022.
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