Sharpest Decline in Farm History Projected for 2024, Led by an 81% Fall in Dairy Profitability

USDA has forecast the sharpest decline in U.S. farm income in history. The department’s most recent farm income forecast projected a sharp 23% decline in profits compared to 22. However, the $42 billion decline in net income will not only be the largest on record in nominal terms but will set the stage for even lower income in 2024.

Increased production and ongoing high inputs costs amidst weakening crop and livestock prices will create an economic pressure cooker. Cash receipts for U.S. top commodities are expected to drop accordingly, with corn and soybeans falling by 19%, cotton dropping by 25%, dairy a whopping 81%, hogs by 39%, and poultry by 43%.

Read more on USDA economic forecasts and commodity price projections here.