US farmers are poised to see a smaller-than-expected drop in income this year, down only 4.4% from 2023 even as prices of corn and soybeans — America’s two biggest crops — have plummeted.
Growers are expected to see overall earnings of $140 billion, not including adjustments for inflation, according to the latest forecast from the US Department of Agriculture. The outlook is much rosier than the net farm income drop of 26% to $116.1 billion estimated by the agency in February.
The decline comes on the heels the highest US farm income ever in recent years. If the new estimate is realized, it will be 15% above the 20-year average of $121.5 billion, though 28% below the 2022 record in inflation-adjusted dollars, the USDA said on Thursday.
— By Kim Chipman (Bloomberg)
