Data from USDA’s Economic Research Service suggests farm income will drop sharply from last year but still be $10 billion higher than what was projected in September. Projections have a net income at 17% lower than in 2022, a difference of $31.8 billion to $151.1 billion. In September, this amount was $141.3 billion.

The decline is due to lower commodity prices for corn and soybeans, among other commodities, and ongoing high expenses and interest rates. Meanwhile, farm sector equity is slated to increase by nearly 7% to $3.57 trillion.

Read more on the net farm income projections and USDA research here.