The United States Department of Agriculture (USDA) estimates net farm income in 2023 decreased by 27.1 percent and that all agricultural sectors nationwide will generally see lower farmer incomes in 2024.
If that projection proves correct, another year of dropping revenues added to 2023’s estimated $80 billion loss “will be the largest two-year decline in net farm income of all time” for American farmers, said Sen. John Boozman (R-Ark.).
Yet, according to the same USDA, net income for U.S. farmers between 2021-23 marked the highest farm income levels in the last 50 years, with 2022 attaining a record high and net cash farm income in 2023 an estimated 16 percent above average for the last two decades….