Agricultural Economics

Purdue ag economists provide insight on critical issues facing farmers in 2023

Story by Kami Goodwin
January 1, 2023

After a year of economic shocks that included supply chain disruption, global conflict, tight margins and historic inflation, Purdue University Department of Agricultural Economics experts are looking ahead to what the agricultural sector can expect in 2023. Those findings were recently published in the Purdue Agricultural Economics Report’s annual outlook issue.

“Signs are pointing to another uncertain and volatile year in agriculture,” said Roman Keeney, associate professor and co-editor of the report. “In 2023, our experts are assessing the possibility of a recession, impacts from the ongoing war between Russia and Ukraine, as well as expectations for input costs and food prices.

“Additionally, the 2018 Farm Bill is set to expire in September, which makes 2023 an important year for farm policy. Following multiple years of emergency support and agriculture benefitting from COVID relief packages, government direct support to agriculture is set to fall dramatically.”

Inside the issue, Keeney discusses the implications of these changes and notes that the short timeline and a wave of new congressional representatives could make replacing the 2018 Farm Bill in 2023 a significant challenge.

To read the full Purdue Agricultural Economics Report 2021 outlook issue, visit https://purdue.ag/paer. The report provides an outlook for the following agricultural topics:

The U.S. Economy in 2023
Trade and trade policy
Factors that shape the 2023 Farm Bill
Consumer food prices
Dairy consumption and production
Purdue Crop Cost and Return Guide
Agricultural credit
Farmland values and cash rents

The Purdue Agricultural Economics Report is a quarterly publication from the Department of Agricultural Economics. Articles in the annual outlook issue are intended to provide a road map for understanding challenges facing the agricultural economy.

Featured Stories

Combined microbiome datasets yield accurate prediction of animal ages

An analysis combining the results of 14 studies from around the globe has uncovered some common...

Rehabilitation through agricultural skills with Purdue Farmer-to-Farmer Trinidad and Tobago

Gardening and poultry care are sometimes seen as trendy hobbies in the U.S., but in Trinidad and...

Claire King waters her quinoa in the greenhouse.

Claire King named a Golden Opportunity Scholar

It’s easy to imagine the whole of agriculture as a giant feast sprawled out on an equally...

Logos for the American Fisheries Society, Society of American Forestry and The Wildlife Society conventions/conferences

FNR Research Was Well-Represented at Fall Organizational Conferences

Purdue Forestry and Natural Resources and the cutting-edge research being performed by its...

Understanding Black Layer Formation in Corn

The use of the term “black layer” is often a universal method among farmers and...

Paying Attention to In-Season Nitrogen Timing is Important when following a Rye Cover Crop

Managing and maintaining a high-yielding corn crop following a cereal rye cover crop can often be...