By Daniel Munch, Economist,
American Farm Bureau Federation
USDA's December 2024 farm income forecast confirms just how tough a year it's been for American agriculture, with slightly revised projections offering little relief to farmers, who are losing nearly a quarter of their income in two years. Net farm income is now projected at $140.7 billion for 2024, down $6 billion (4.1%) from 2023 and $41.2 billion (22.6%) from the $181.9 billion peak in 2022.