top of page

USA Farm Incomes Decrease in 2024

U.S. farm incomes are expected to fall again in 2024 and many farmers find themselves facing tighter budgets for next year. The underlying issue is that input costs—the expenses for things farmers need to grow grains, such as fertilizer and farm equipment—remain high. As a result, farmers are being squeezed, even after harvesting a record-size crop this year.

“It’s very real,” said Russell Boening, president of the Texas Farm Bureau and a producer of corn, sorghum, and wheat at his over 4,500 acres farm in Wilson County, Texas, which is south of San Antonio. “It’s real across the country, but probably more in Texas than in other states.”

This year marks the second year of declines for farmers’ coffers. In a report Tuesday, the USDA forecasted net farm incomes for 2024 to fall 4% from 2023, totaling $140.7 billion. This comes after farm incomes dropped nearly 20% in 2023 from a record high in 2022.

The USDA said that it forecast total cash receipts for corn and soybeans to fall, with the money generated from corn sales declining by nearly 21%. Soybean receipts are expected to drop by over 12%.


Source: WSJ

En White Agtools

Contact us: 

Agtools Inc.

8502 E. Chapman Avenue.

Suite 137

Orange CA 92869

+1 (714) - 707-4848

info@ag.tools

  • LinkedIn
  • Instagram
  • Facebook
  • Twitter
  • Youtube

Subscribe to our eNewsletter:

Orange County, Los Angeles

Salinas, Seattle, Wenatchee,

Puerto Rico, Mexico, Peru, Colombia.

Choose your option!
Bee

See More | Achieve More

bottom of page