The University of Missouri predicts another decline in net farm income this spring. The 2024 Missouri Farm Income Outlook offers a state-level glimpse at projected farm financial indicators, including farm receipts, production expenses and other components that affect net farm income.
Projections from the report suggest that declining market receipts and lower crop prices play a role in the estimated 8 hundred million dollar decrease in net farm income for 2024. Scott Brown of the University says, "Although decreased production expenses offer some relief, reduced livestock inventories and lower crop prices are impacting Missouri producers — leading to the projection of lower farm receipts in 2024."
Production expenses are forecast to decrease by 5 percent this year. According to the report, Missouri's net farm income is projected to drop 18 percent in 2024, compared to an estimated 25.5% decrease in U.S. net farm income. Looking ahead, the report has early estimates that Missouri's net farm income will increase in 2025 and 2026.
-NAFB