(BLOOMINGTON) The USDA’s latest farm income forecast for 2024 indicates the farm sector will again see a drop in income, although at a slower rate than the year before, in 2023. After reaching record highs in 2022, farm sector income has fallen since. Net farm income, a broad measure of profits, reached $181.9 billion in calendar year 2022. After decreasing by $35.3 billion from 2022 to $146.7 billion in 2023, net farm income is forecast to drop by some $6 billion in 2024. Falling commodity prices is the biggest factor in the drop.
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