The Missouri State Fair, held from Aug. 10 to Aug. 20, 2023, welcomed nearly 350,000 visitors this year. This marks an approximate two-and-a-half percent increase from the previous year’s attendance.

The Missouri State Fair is not only an opportunity to celebrate Missouri’s agriculture but also serves as an annual tradition for FFA and 4-H families. It attracts people from across the state to enjoy exhibits, rides, and food.

The 2024 Missouri State Fair is scheduled for Aug. 8–18 in Sedalia.

Farming profits increased in 2022, expected to decrease in 2023

Farmers in the United States experienced a significant 30 percent increase in net farm profits from 2021 to 2022, according to data from the U.S. Department of Agriculture (USDA). This increase coincided with a more than 10 percent rise in food prices nationwide. However, the USDA predicts that farm incomes will decrease by approximately 20 percent in 2023, though they will still remain above pre-pandemic averages.

It is essential to recognize that farm incomes can vary widely based on factors such as commodities and local weather conditions. Last year’s record-high incomes were largely driven by high prices and strong yields for major cash crops like corn and soybeans.

The majority of the income growth in the agricultural sector is concentrated among the largest farms, with less than 8 percent of the country’s farms bringing in more than $500,000 in income in 2022. These farms accounted for 89 percent of the record-breaking farm profits. Overall, farmers received $15 billion in direct government payments, primarily benefiting the largest farms.

Secretary of Agriculture Tom Vilsack emphasized the importance of supporting smaller farms. Vilsack also highlighted the need to protect and expand crop insurance and lower premiums as priorities for commodity groups ahead of the Farm Bill.

While the projected drop in farm income from 2022 to 2023 is seen as part of the agricultural sector’s inherent volatility, interest groups are already using it to influence the debate around the next Farm Bill. The current Farm Bill is set to expire at the end of September.

If you have any questions or concerns, please reach out to me at bruce.sassmann@house.mo.gov or call Jill at 573-751-6668