Farmers can expect the largest recorded year-to-year dollar drop in net farm income in 2024. Income is estimated to be nearly $40 billion lower this year compared to 2023, down more than 25%. American Farm Bureau Federation economists analyzed the latest USDA data in a Market Intel.
Net farm income is the profit farmers see after paying for operating expenses. Two major factors are impacting income forecasts – lower prices paid to farmers for crops and livestock, and increased costs for supplies.