(Omaha) Creighton University Economist Dr. Ernie Goss says the USDA is reporting that farm income in the Midwest is up 10 percent and 14 percent across the nation. Dr. Goss says this has led to an increase in equipment sales.
Dr. Goss says numerous factors will affect farm income in 2023. Goss says the COVID lockdowns in China will play a role. China is reporting an increase in the rate of COVID infections.
Dr. Goss says another factor is the dollar’s value, which has recently come down slightly. Goss says that is good news because it makes U.S. manufacturing and agricultural goods more competitively priced abroad.
Goss says another impending threat will be Mexico wanting to pull back on the U.S. GMO corn. Dr. Goss admits he does not expect this to happen because of the increased cost to Mexico’s consumers. He said should they follow through; it would also impact U.S. exports to Mexico.
