USDA Revises 2024 Farm Income Forecast: Smaller Decline Than Expected Amid Livestock Boom
Source: DairyNews.today
The U.S. Department of Agriculture (USDA) now predicts that U.S. farm income will drop for a second consecutive year in 2024, but the decline will be less severe than initially projected. According to the latest USDA forecast, net farm income is expected to reach $140 billion in 2024, a 4.4% decrease from the previous year, amounting to a $6.5 billion reduction.
This marks a significant revision from the February forecast, which anticipated a record drop of over 25%, or nearly $40 billion, due to rising farm expenses.
The adjustment comes as prices for livestock and egg products surged, and production costs, such as fertilizer expenses, eased. Cattle and dairy prices have also seen increases, while the avian influenza outbreak has led to supply constraints for eggs, resulting in a 35% rise in cash receipts for egg sales, the largest gain within the livestock and animal products sector.
Despite the downward trend in farm income, the updated forecast reflects a more favorable outlook for U.S. farmers, especially in the livestock sector, while crop farmers continue to struggle with low corn and soybean prices. Adjusted for inflation, net farm income is projected to fall by 6.8%, or $10.2 billion, from 2023 levels.
The USDA’s revised estimates are based on more recent data, including the latest U.S. farm census, allowing for a more accurate picture of farm profitability as the year unfolds.
The adjustment comes as prices for livestock and egg products surged, and production costs, such as fertilizer expenses, eased. Cattle and dairy prices have also seen increases, while the avian influenza outbreak has led to supply constraints for eggs, resulting in a 35% rise in cash receipts for egg sales, the largest gain within the livestock and animal products sector.
Despite the downward trend in farm income, the updated forecast reflects a more favorable outlook for U.S. farmers, especially in the livestock sector, while crop farmers continue to struggle with low corn and soybean prices. Adjusted for inflation, net farm income is projected to fall by 6.8%, or $10.2 billion, from 2023 levels.
The USDA’s revised estimates are based on more recent data, including the latest U.S. farm census, allowing for a more accurate picture of farm profitability as the year unfolds.
23.09.2024
Carbon emissions in global milk production - the elephant in the room
I have been thinking to make this post yes/ no. I decided for yes and like to ask everyone to not "shoot the messenger". The chart shows an analysis of IFCN Dairy Research Network from the 2024 supporter conference in Poland.
