The U.S. saw growth of almost 31% in net farm income from 2021 through 2022. The top two agricultural states with the highest NFI include Texas, the highest NFI growth at 65%, followed by Minnesota at 55.7%.
The UN’s Food and Agriculture Organization’s Food Price Index averaged 121.4 points in August, a 2.6-point drop from July, reversing the rebound registered that month.
The February Farm Income Forecast, showing net farm income, a broad measure of profits, at $136.9 billion in calendar year 2023, a decrease of $25.9 billion, or 15.9% from last year.
2020 was a pretty good year for retail potato sales, according to Potatoes USA data showing retail potato dollar sales for all categories increased 16% over 2019.
Virtual events and e-commerce have become more important to wineries during the pandemic, and agricultural business experts say wineries have been working to transition their marketing plans.