2024 USDA farm income forecasts

U.S. Department of Agriculture, Economic Research Service. (2024, February 7). Farm Sector Income & Finances: Farm Sector Income Forecast.

Farm sector income is forecast to continue to fall in 2024 after reaching record highs in 2022. Net farm income, a broad measure of profits, reached $185.5 billion in calendar year 2022 in nominal dollars. After decreasing by $29.7 billion (16.0 percent) from 2022 to a forecast $155.9 billion in 2023, net farm income in 2024 is forecast to decrease further from the 2023 level by $39.8 billion (25.5 percent) to $116.1 billion. Net cash farm income reached $202.3 billion in 2022. After decreasing by $41.8 billion (20.7 percent) from 2022 to a forecast $160.4 billion in 2023, net cash farm income is forecast to decrease by $38.7 billion (24.1 percent) to $121.7 billion in 2024.

In inflation-adjusted 2024 dollars, net farm income is forecast to decrease by $43.1 billion (27.1 percent) from 2023 to 2024, and net cash farm income is forecast to decrease by $42.2 billion (25.8 percent) compared with the previous year. If realized, both measures in 2024 would fall below their 2003-22 averages (in inflation-adjusted dollars).