From AgricultureDive, February 12:
Higher production expenses, combined with lower commodity prices and government payments, will likely create headwinds for producers.
Farmers across the country are set to make less money this year, marking an end to a record-breaking streak, according to the U.S. Department of Agriculture. The 2024 Farm Sector Income Forecast showed net farm income — profits after operating expenses — is expected to decrease 25.5% to $116 billion, compared to $155.9 billion in 2023.
Specifically, farm cash receipts are set to decrease by 4.2% from 2023; total crop receipts are expected to decrease by 6.3%; total animal/animal product receipts are projected to drop 1.9%; and receipts for eggs, turkeys, cattle/calves and milk are also forecast to dip relative to 2023....
....MUCH MORE
If interested in some historical context re: the problems caused by the farm income roller coaster we have on offer:
Raghuram Rajan on The Boom and Bust in Farm Land Prices in the United States in the 1920s
