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2024 Farm Income Forecast

Sep 09, 2024
By Farms.com

Agriculture Sector Sees Varied Income Trends

Tom Vilsack shared insights from the Economic Research Service’s 2024 Farm Sector Income Forecast, noting a decline from 2022’s peak yet maintaining a streak of above-average incomes over the last four years.  

While crop producers face ongoing challenges, livestock incomes are expected to improve. The forecast also highlights a decrease in production expenses including feed, fuel, and fertilizer, which should help offset lower commodity prices. 

The report underscores that most farm households still rely on off-farm income, reflecting the enduring struggle of maintaining farm operations in rural America. This trend points to ongoing consolidation and the loss of farms, a pattern observed since the 1980s. 

Vilsack emphasized the President Administration’s commitment to supporting family farms through investments in climate-smart agriculture, renewable energy, and local food systems.  

These efforts aim to bolster a more diversified and resilient farm sector, moving away from the "get big or get out" philosophy and ensuring sustainable growth for all farm sizes. 


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