(St. Paul) A new Federal Reserve Bank of Minneapolis survey suggests farm incomes across the Upper Midwest declined this summer.
Forty-six percent of ag lenders say farm incomes fell during the July-September period. The U.S. Department of Agriculture’s Economic Research Service released a report this week showing farmers in 2022 earned less than 15 cents on every $1 spent on food in the U.S. The remaining portion went to transportation, processing and selling to consumers.
The USDA report said a long-term decline in farmers’ portion of the food dollar is related to an “increasing proportion of food-away-from-home” spending by Americans.