Decreasing commodity prices combined with inflated input costs, steady but higher interest rates, geopolitical and transportation uncertainties, and weather unpredictability will put the squeeze on margins for the nation’s farmers in 2024, U.S. Department of Agriculture (USDA) Chief Economist Seth Meyer said last week.

Providing an ag economic and trade outlook at the 100th-annual Agricultural Outlook Forum Feb. 15 in Arlington, Virginia, Meyer said the forecast looks to be one where farmers need to plan for decreased farm income while navigating the numerous challenges they’re expected to face.

“Producers are going to have a challenging year I think, overall, when it comes to narrow margins,” Meyer said. “What you’re seeing for 2024-25 is commodity prices continue to come down and yet input prices for things other than ...