2024 Farm Income Forecast Down Year-Over-Year

USDA's New farm income forecast for this year has U.S. farmers making a lot less money than last year.

“Net cash farm income for 2024 is forecast at $154 billion, which is about a 7.2% drop from 2023," said Spiro Stefano  who runs USDA's Economic Research Service.  He noted that crop producers are being hit the hardest with the value of their crop production expected to drop this year by over $25.5 billion.  However, when you look at the livestock side of the ledger.

“Animal receipts are going in the other direction. Animal receipts are forecast to increase about 4%.”

When you add everything up, Stefano says you have overall net farm income this year, down year-over-year by 4.4% to $140 billion.  While that is lower, $140 billion is still above the historical 20-year average.

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