USDA’s recent farm income forecast numbers for the year underscored the concerns of many in agriculture: that the industry’s economy is suffering. However, one USDA Administrator says these numbers were somewhat expected.
“Net cash farm income is forecast to be at $158.8 billion in 2024. This is a 1.1% Decline from 2023. Net farm income is forecast to decrease 4.1% From 2023 to 2024, so despite these expected declines in 2024, net cash farm income and net farm income remain above the 20-year average when we adjust for inflation,” said Spiro Stefanou, Administrator of USDA’s Economic Research Service.
However, there are some differences when it comes to cash receipts for crops and animals. Cash crop receipts are forecast to be down for all major crops, with corn expected to fall by 20 percent; soybeans 12 percent; cotton down 26 percent, and wheat down by seven percent. Meanwhile on the animal side, milk is expected to rise by 11 percent; cattle up by seven percent; hogs up five percent, and chicken eggs with a steep climb of 39 percent.
