LINCOLN- According to a report issued Friday by the Rural and Farm Finance Policy Analysis Center at the University of Missouri, Nebraska's total farm income is projected to be nearly $7.8 million by the end of 2023. The report, produced in conjunction with the University of Nebraska-Lincoln's Center for Agricultural Profitability, rose this month from a March projection of $7.3 billion.

This rise in projected comes despite lower crop prices across the nation, which were expected to drop receipts by about 14% in Nebraska alone. However, rising receipts from cattle and calves are projected to make up $2.4 billion of Nebraska's total farm revenue, more than offsetting low crop prices.

"Higher production expenses year after year are increasingly challenging profit margins, but for now, strong farm income prospects for 2022 show the strength of the agricultural sector in the state," said the report. On top of that, while drought conditions plagued Nebraska for much of 2023, the report says they aren't projected to have as big an effect across the state as they did in 2022.

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