Net farm income, a broad measure of profits, is forecast at $151.1 billion in calendar year 2023, a decrease of $31.8 billion (17.4 percent) relative to 2022 in nominal (not adjusted for inflation) dollars. This follows an increase of $42.4 billion (30.2 percent) from 2021 to a record high of $182.8 billion in 2022.

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