Market Briefs 9 11 2024

Farm income forecast improves

USDA estimate still sees farmers losing more than 25% of their income since 2022.

The latest U.S. Department of Agriculture (USDA) estimate calls for farm income to drop by 4.4% this year compared to 2023, a much smaller decrease than the agency was expecting just a few months ago.

Farmers are expected to see overall earnings of $140 billion in 2024, not including adjustments for inflation. In February, the USDA forecast a 26% drop in net farm income to $116.1 billion.

"If the new estimate is realized, it will be 15% above the 20-year average of $121.5...