Farm Income Falls In 2024 Below USDA Project Forecast

2024 net farm income across the country fell to $137-billion, slightly below the USDA’s September forecast and some $9-billion lower than a year ago.

Adding to the falling net income will be further declines projected for 2025 based moderation in production expenses and high cattle prices which are not expected to offset the impact of lower crop prices.

Looking ahead, however, a modest recovery is projected for 2026.

The report was recently released by the University of Missouri Food and Agricultural Policy Research Institute.