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USDA’s Economic Research Service forecasts inflation-adjusted U.S. net cash farm income will decrease by $16.3 billion  — or 9.6% — to $154.1 billion in 2024. This would come after a decrease of $52.9 billion — or 23.7% — in 2023 from an all-time high of $223.3 billion in 2022. 

U.S. net farm income is forecast to decrease by $10.2 billion  — or 6.8% — to $140.0 billion in 2024. This reduction follows a drop of $43.3 billion in NFI in 2023 from an all-time high of $193.5 billion in 2022 (after adjusting for inflation). 

Despite these declines, if forecasts are realized, NCFI and NFI would stay above their respective 2004–23 averages in 2024. Underlying these forecasts, cash receipts for farm commodities are projected to fall by $23.3 billion — or 4.3% — to $516.5 billion in 2024, primarily because of lower crop receipts. However, a $16.2 billion reduction in production expenses is expected to moderate the overall decline.

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