American farms are facing a tough year, with net income projected to drop by 25% in 2024, according to the USDA’s latest forecast.
The USDA’s report highlights a significant decrease in government payments, down $1.9 billion, or 16%, from 2023. This marks the fourth consecutive year of cuts, leaving farmers with about $10 billion in aid, roughly 9% of net farm income.
Rising costs are a major factor, with expenses for marketing, storage, and transportation up 12%. Labor costs have increased nearly 7.5%, and pesticide costs are up over 7%. Crop and livestock sales are expected to decline by $21 billion, a 4% drop.
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