Date of this Version
Cornhusker Economics, June 28, 2023
Agricultural producers, professionals, and policymakers often look to long-run projections for the agricultural industry as they make business and policy decisions. They can look to three different baseline projections that are produced by the United States Department of Agriculture, the Food & Agricultural Policy Research Institute (FAPRI), and the Congressional Budget Office (CBO). These baselines provide a 10-year outlook for the agricultural industry from prices and inventories for crops and livestock to international markets and income and expenditures. While this information provides insight into what direction agriculture may move, it can be hard to see the impact at the state and farm levels.
The Rural and Farm Finance Policy Analysis Center (RaFF) works with FAPRI to produce state-level income projections. The Center for Agricultural Profitability at the University of Nebraska-Lincoln collaborates with RaFF under the leadership of Dr. Bradley D. Lubben and Tatum R. Brunkow to produce state-level analysis for Nebraska. Figure 1 comes from the Spring 2023 Nebraska Farm Income Outlook (Maltsbarger, et al. 2023) and provides information as to the drivers of Nebraska’s net farm income changes between 2021 and 2023.