Farm economists are painting a grim picture for American agriculture following release of the U.S. Department of Agriculture’s 2024 farm income forecast.
Net farm income is set to decline nearly 25 percent in two years, with substantial losses in crop receipts and continued pressure from rising production costs.
While livestock producers may see modest gains, the outlook for many crop farmers is increasingly uncertain, with global supply and demand imbalances impacting prices. Reduced government support and higher production expenses leave many farmers in a precarious financial position.
“This trend is very concerning,” said Tony Banks, senior assistant director of agriculture, development and innovation at Virginia Farm Bureau Federation. “It’s a very challenging time to be a farmer in Virginia.”
American Farm Bureau Federation reported that net farm income is forecast at $140 billion for 2024, marking a $6.5 billion decline from 2023. This follows a sharp 19.5 percent drop from 2022 ...