Net farm income, a broad measure of profits, is forecast at $149.7 billion in calendar year 2024, down by $6 billion, or 4.1 percent, relative to 2023. Inflation-adjusted farm income is forecast to drop by $9.5 billion, or 6.3 percent.
Despite the predicted decline, net farm income in 2024 would be 16 percent above the 20-year average of $121.4 billion. Cash receipts from the sale of agricultural commodities are forecast to decrease by $4 billion (0.8 percent) from 2023 to $516.9 billion in 2024.
Total crop receipts are expected to drop by $25 billion, or nine percent, from 2023, led by lower receipts for corn and soybeans. Direct government payments are forecast to fall by $1.7 billion (13.6 percent) from 2023 to $10.6 billion in 2024.
Total animal product receipts are expected to increase by $21 billion (8.4 percent) following increases in the receipts for cattle, calves, eggs, milk, broilers, and hogs.
