The U.S. Department of Agriculture’s Economic Research Service, Washington, D.C., has released its 2024 Farm Sector Income Forecast, indicating a downturn in farm sector income following record highs in 2022.
“Farm families are suffering through the same economic hardships as all families in America,” says Zippy Duvall, American Farm Bureau Federation president. “High inflation is making the food farmers grow more expensive to produce and is cutting into the income farm families rely on to pay bills, provide an education for their children and reinvest in their community. We urge Congress to focus on bringing costs down and passing a new farm bill, both of which will help ensure farmers can continue meeting the needs of a growing nation.”
The forecast reveals that net farm income is expected to decrease from $185.5 billion in 2022 to $116.1 billion in 2024, a significant reduction of 25.5% from the 2023 level. Similarly, net cash farm income is also projected to fall from $202.3 billion in 2022 to $121.7 billion in 2024.
In terms of cash receipts, the total is anticipated to drop by 4.2% to $485.5 billion in 2024, with declines in both crop and animal product receipts.
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