farm income

USDA: Production Expenses Expected Lower In 2024
USDA: Production Expenses Expected Lower In 2024
USDA: Production Expenses Expected Lower In 2024
In a typical year, American farmers can expect to pay more than the year before for production expenses.  But the USDA's new farm income forecast is a bit of a surprise.  A forecast for lower production expenses.   ERS’ Spiro Stefano said prices that farmers are getting for many of their crops continue to fall.  The USDA is projecting a 12%...
2024 Farm Income Forecast Down Year-Over-Year
2024 Farm Income Forecast Down Year-Over-Year
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...
Limited Ag Credit Stress, But Signs of Pressure
Limited Ag Credit Stress, But Signs of Pressure
Limited Ag Credit Stress, But Signs of Pressure
Ag credit stress was limited in the second quarter of 2024 but showed signs of tightening amid lower crop prices and rising input costs.  Those are the findings from a survey by the Federal Reserve Bank in Kansas City.  Farm income in the Tenth Federal Reserve District dropped faster than in recent quarters amid lower crop prices and increased expenses.   “Despite s...
Farm Debt Could Return This Year
Farm Debt Could Return This Year
Farm Debt Could Return This Year
The USDA is forecasting that farm commodity prices will drop in the year ahead and production input costs will stay or even move higher.  For producers, the question is: when/if input prices follow those output prices lower.   “We are forecasting that fertilizer and feed expenses will decline in 2023, yet they will remain high," noted USDA economist Carrie Litkowski. She added expenses for m.
Meyer Doesn’t Expect Record Income In 2023
Meyer Doesn’t Expect Record Income In 2023
Meyer Doesn’t Expect Record Income In 2023
Will the nation's farm sector generate yet another record amount of net income in 2023 as it's done the last two years?   “No, but the expectation is it will still be an above average year.”   USDA chief economist Seth Meyer told the USDA Outlook Forum last week that he expects net cash farm income this year to be $150.5 billion, which, if ...
Meyer: 2023 Wont Be That Bad Of A Year For Farm Country
Meyer: 2023 Wont Be That Bad Of A Year For Farm Country
Meyer: 2023 Wont Be That Bad Of A Year For Farm Country
The USDA’s new farm income forecast for 2023 says the farm sector as a whole will see net cash income down from last year's record high by almost 21% but many analysts are quick to point out.   “Almost any year in connection to 2022 is going to look less favorable," USDA chief economist Seth Meyer said farm country can’t look at new forecast as a farm income disaster.   “Yes, it is declin...
AFBF Responds to Falling Farm Income Report
AFBF Responds to Falling Farm Income Report
AFBF Responds to Falling Farm Income Report
While American families are dealing with record-high grocery prices, farm families can expect to see a drop in income during 2023.  American Farm Bureau Federation economists analyzed the Farm Income Forecast in their latest Market Intel Report, noting that income will fall 16% this year while costs will rise over 4%.   “...
Government Payments Expected To Decrease Again This Year
Government Payments Expected To Decrease Again This Year
Government Payments Expected To Decrease Again This Year
There are several reasons behind the USDA forecasting a 21% drop in net cash income for farmers this year, but one of the more obvious reasons is the roughly 34% drop in government payments.  USDA chief economist Seth Meyer said 2023 will mark a couple of years in a row of direct government payments declining.  Meyer s...
Meyer Uncertain About 2023
Meyer Uncertain About 2023
Meyer Uncertain About 2023
Look at the USDA’s numbers, and you’ll see that 2022 was far and away a record net farm income year.  But the question on the minds of many in farm county is: will 2023 be a better year?   USDA Chief Economist Seth Meyer says the odds are against that happening for a couple of reasons.  First, as he put it, 202...

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