Record Drop in Farm Income Expected in 2024

Feb 09, 2024

Farmers can expect the largest recorded year-to-year dollar drop in net farm income in 2024. Income is estimated to be nearly $40 billion lower this year compared to 2023, down more than 25%. American Farm Bureau Federation economists analyzed the latest USDA data in a Market Intel.

Net farm income is the profit farmers see after paying for operating expenses. Two major factors are impacting income forecasts – lower prices paid to farmers for crops and livestock, and increased costs for supplies. While these are early estimates and they could change throughout the year, USDA anticipates a decrease in net farm income, moving from $156 billion in 2023 to $116 billion in 2024.

“Farm families are suffering through the same economic hardships as all families in America,” said AFBF President Zippy Duvall. “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.”

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Video: Evolution of Beef Cattle Farming

The Clear Conversations podcast took to the road for a special episode recorded in Nashville during CattleCon, bringing listeners straight into the heart of the cattle industry. Host Tracy Sellers welcomed rancher Steve Wooten of Beatty Canyon Ranch in Colorado for a wide-ranging discussion that blended family history and sustainability, particularly as it relates to the future of beef production.

Sustainability emerged as a central theme of the conversation, a word that Wooten acknowledges can mean very different things depending on who you ask. For him, sustainability starts with the soil. Healthy soil produces healthy grass, which supports efficient cattle capable of producing year after year with minimal external inputs. It’s an approach that equally considers vegetation, animal efficiency, and long-term profitability.

That philosophy aligned naturally with Wooten’s involvement in the U.S. Roundtable for Sustainable Beef, where he served as a representative for the Colorado Cattlemen’s Association. The roundtable brings together the entire beef supply chain—from producers to retailers—along with universities, NGOs, and allied industries. Its goal is not regulation, Wooten emphasized, but collaboration, shared learning, and continuous improvement.