USDA is forecasting 2024 net farm income at $140 billion. That’s 4.4 percent below the levels seen in 2023. That’s a big change from the February forecast when USDA predicted a 25 percent drop in net farm income. The credit goes to a combination of strong livestock markets and lower farm input costs. Cash receipts for corn production are expected to decline 20 percent and soybeans are projected to decline nearly 15 percent. Cash receipts for cattle production are forecast to increase 6.5 percent. The dairy industry is projected to enjoy an increase in cash receipts of 9.4 percent.
