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Articles tagged under: farm income

Farm Income Takes Another Dip

Published December 4, 2024

Farm income took another downturn in 2024. According to USDA, net farm income is forecast at nearly $141 billion. That’s down more than six percent from a year ago. That follows a 22 percent drop in 2023. Despite two consecutive…
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State-by-State Farm Profitability Detailed

Published September 29, 2024

Economist John Newton, who is now the executive head of Terrain, has released a state-by-state report on farm profitability. North Dakota had the biggest downturn in the Midwest and Northern Plains for gross farm income last year, dropping 12 percent.…
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Ag Credit Survey Cites Lower Farm Income

Published May 13, 2024

The Minneapolis Federal Reserve's quarterly agricultural credit survey of over 60 ag lenders cited growing pessimism. Fed Regional Outreach Director Joe Mahon pointed to declining farm income as a key contributor to that sentiment. "Seventy percent of lenders across our…
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MN Farm Income Takes a 76% Hit

Published April 12, 2024

University of Minnesota Center for Farm Financial Management Extension Economist Pauline Van Nurden reports the 2023 median net farm income for Minnesota farms fell 76 percent from the previous year. This is largely due to rising costs and around-average yields.…
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A Downturn After 3 Years of Record Farm Income

Published February 8, 2024

This year’s U.S. net farm income is expected to be down 26 percent from 2023. USDA economist Carrie Litowski cites lower commodity prices, less government support and higher farm expenses. "Net cash farm income is forecast at $160.4 billion for 2023…
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Net Farm Income Down From Record Highs

Published December 1, 2023

Net farm income is down more than 20 percent from last year’s record high. USDA is forecasting farm profits at $151 billion, down from $183 billion in 2022. Economic Research Service Administrator Spiro Stefano said farm debt is increasing, but…
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‘Still One of the Best Years on Record’

Published November 30, 2023

Net farm income is forecast to total just over $151 billion this year. That’s down from 2022 net income of nearly $183 billion. USDA’s Economic Research Service made this forecast. Agriculture Secretary Tom Vilsack released a statement, saying farm income…
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More Normal Conditions Forecast

Published November 20, 2023

Agricultural Economic Insights Managing Partner David Widmar says farmers should be prepared to return to a more normal year following a time of record farm income. “At some point, we’re going to see incomes come off these record highs," said…
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Farm Income Growth Expected This Year

Published March 29, 2022

Agricultural lenders across northern states are closely watching the rising commodity prices. "As a result of those high prices, we expect strong farm income growth through the end of 2022," said Joe Mahon, regional outreach director, Federal Reserve Bank of…
Top StoriesLatest NewsAg Business

Input Costs Cut Into Net Farm Income

Published February 7, 2022

USDA is projecting 2022 net farm income at $113.7 billion, down 4.5 percent from last year. "A lot of the decline is due to the drop in government payments and higher production expenses," said Spiro Stefanou, administrator, USDA Economic Research…
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