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![]() Dec. 4, 2024 by Daniel Munch, Economist, American Farm Bureau Federation USDA's December 2024 farm income forecast confirms just how tough a year it's been for American agriculture, with slightly revised projections offering little relief to farmers, who are losing nearly a quarter of their income in two years. Net farm income is now projected at $140.7 billion for 2024, down $6 billion (4.1%) from 2023 and $41.2 billion (22.6%) from the $181.9 billion peak in 2022. While these updated figures show a marginal improvement over September's forecast, which projected a 4.4% decline for 2024 to $140 billion, the December revision does little to alleviate concerns about the financial pressures farmers face heading into 2025, and the overall figure masks the dramatic decline in returns for crop farmers. When adjusted for inflation, the drop in net farm income becomes more pronounced, with a projected decline of $9.5 billion (6.3%) from 2023. Although the updated 2024 figure remains above the 20-year average, the metrics paint a challenging picture, particularly for crop producers, who face substantial revenue declines. While some sectors, most predominantly livestock, are seeing stronger receipts, the December forecast underscores that agriculture remains in the red, with few signs of immediate relief for farmers already navigating tight margins. To read the entire report click here. Tweet |
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