Large Decline in 2024 Farm Income Predicted

February 9, 2024

USDA’s Economic Research Service is projecting farmers and ranchers will experience their second consecutive year of a sizable drop in net income. USDA’s latest forecast shows 2024 net farm income dropping by about 25.5% — $39.8 billion in nominal dollars — after already declining 16% — $29.7 billion — in 2023 from 2022’s record figures.

USDA economist Carrie Litkowski says one of the reasons is the 2024 forecast for farm production expenses.

Even after adjusting for inflation, USDA’s projected $116.1 million net farm income for 2024 would be about 1.7% below the 20-year average and 40.9% below the 2022 record. The income declines are driven by dropping commodity returns and government payments.

Source: USDA

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