Farm Income down drastically in 2024

New forecast predicts farmers could see a 25% income cut due to lower prices.

Farmers are expected to see the largest year-to-year drop in net farm income on record this year, according to an American Farm Bureau Federation (AFBF) analysis of the U.S. Department of Agriculture's (USDA) initial farm income forecast for 2024. 

While these are early estimates and could change throughout the year, the USDA anticipates a decrease in net farm income from $156 billion last year to $116 billion in 2024.

Two major factors are impacting income ...