RRFN’s #3 story for 2024 is the weak farm economy. U.S. net farm income is down for the third consecutive year and another downturn is forecast for 2025. Declining commodity prices, high interest rates and sticky farm input costs are shouldering the blame. The exception has been a bullish beef cattle market and better days in dairy and pork production. AgCentric Executive Director Keith Olander said the individuals who have been farming for five years or less are feeling the biggest hurdle. These farmers experienced times of good profitability, “but, at that stage of the game don’t have a lot of equity” to cushion the blow from the drop in farm income.
