The USDA released its first prediction for 2024's net farm income, forecasting it at $116.1 billion. Adjusted for inflation this would be a decrease in $43.1 billion (27.1%) relative to 2023.
Farmers have seen their cash receipts decrease at the same time expenses have grown with inflation and the U.S. government has rolled back payments. The USDA predicts that total crop cash receipts will decrease 6.3% overall, with larger impacts in corn and soybeans, while animal products only 1.9%. The primary drivers in profit losses will be that the U.S. government is expected to reduce its payments by $1.9B (15.9%) at a time when prices have fallen with plentiful supplies and Brazilian shipping dominance improving in grains.
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