Farms.com Home   Ag Industry News

2024 Farm Income Forecast

Sep 09, 2024
By Farms.com

Agriculture Sector Sees Varied Income Trends

Tom Vilsack shared insights from the Economic Research Service’s 2024 Farm Sector Income Forecast, noting a decline from 2022’s peak yet maintaining a streak of above-average incomes over the last four years.  

While crop producers face ongoing challenges, livestock incomes are expected to improve. The forecast also highlights a decrease in production expenses including feed, fuel, and fertilizer, which should help offset lower commodity prices. 

The report underscores that most farm households still rely on off-farm income, reflecting the enduring struggle of maintaining farm operations in rural America. This trend points to ongoing consolidation and the loss of farms, a pattern observed since the 1980s. 

Vilsack emphasized the President Administration’s commitment to supporting family farms through investments in climate-smart agriculture, renewable energy, and local food systems.  

These efforts aim to bolster a more diversified and resilient farm sector, moving away from the "get big or get out" philosophy and ensuring sustainable growth for all farm sizes. 


Trending Video

Diseases in Corn?

Video: Diseases in Corn?

Josh Lofton, OSU Extension cropping systems specialist, discusses how the overall 2024 corn crop is looks and says producers need to be on the watch out for diseases.