Net farm income, a broad measure of profits, is forecast at $149.7 billion in calendar year 2024, down by $6 billion, or 4.1 percent, relative to 2023. Inflation-adjusted farm income is forecast to drop by $9.5 billion, or 6.3 percent. Despite the predicted decline, net farm income in 2024 would be 16 percent above the 20-year average of $121.4 billion. Cash receipts from the sale of agricultural commodities are forecast to decrease by $4 billion (0.8 percent) from 2023 to $516.9 billion in 2024.
