Farm income estimates have been revised again, this time showing more unsteady footing in the ag sector.
USDA shows net farm income will be down six percent this year to $140 billion when adjusted for inflation. Net cash farm income is expected to drop three and a half percent. Despite the drops, both net income and net cash income remain above their 20-year averages.
Senate Ag Committee Ranking Member John Bozeman released a statement, saying the report “underscores what Agriculture Committee Republicans in the House and Senate have warned about for two years: America’s farmers and ranchers are in serious trouble, and the outlook remains grim...From 2023 to today, row crop producers alone have lost more than $50 billion, and stand to lose even more next year. Immediate action is required to stabilize the farm economy and prevent a crisis that will only become more costly to address over time.”
Ag Secretary Tom Vilsack praised the report saying, “Some positives in today’s report include stronger cash receipts for livestock and animal products, lower fertilizer, seed, pesticide, and feed costs, and growing equity in farm operations. However, we are reminded that farm income is not one size fits all, and ERS’ report offers important datapoints as Congress writes the next farm bill.”
