Record Drop in Farm Income Expected in 2024
Farmers can expect the largest recorded year-to-year dollar drop in net farm income in 2024. Income is estimated to be nearly $40 billion lower this year compared to 2023, down more than 25%. American Farm Bureau Federation economists analyzed the latest USDA data in a Market Intel.
Net farm income is the profit farmers see after paying for operating expenses. Two major factors are impacting income forecasts – lower prices paid to farmers for crops and livestock, and increased costs for supplies.
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Are Record High Beef Prices On The Horizon?
America’s families might soon see record-high beef prices at the grocery store, thanks to the lowest cattle inventory in more than 70 years. American Farm Bureau Federation economists analyzed the USDA inventory report in the latest Market Intel.
There were 87.2 million cattle and calves in the United States as of Jan. 2, 2024, 2% lower than the same time in 2023. It’s the lowest inventory since 1951. Just four years ago, there were almost 95 million cattle in the U.S.
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U.S. Cattle Inventory Smallest in 73 years
USDA’s January and July Cattle Inventory reports, released toward the end of each respective month, provide the total inventory of beef cows, milk cows, bulls, replacement heifers, other steers and heifers, and the calf crop for the current year. With drought and high input costs compelling farmers to market a higher-than-normal percentage of female cattle, the most recent cattle inventory dropped to lows not seen in decades.
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House Approves Tax Relief for Farmers
American Farm Bureau Federation President Zippy Duvall commented on the passage last night of the Tax Relief for American Families and Workers Act in the House of Representatives by a vote of 357 to 70.
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Trade Caucus Presents Opportunities for Agriculture
American Farm Bureau Federation President Zippy Duvall commented on the launch of a new Agriculture Trade Caucus in the House of Representatives.
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AFBF Urges USDA To Use Emergency Authority To Ensure Fair Pricing For Dairy Farmers
The American Farm Bureau Federation sent a letter today to U.S. Department of Agriculture Secretary Tom Vilsack urging the agency to issue a final decision on an emergency basis to speed the implementation of the “higher-of” Class I mover formula to buffer dairy farmers from further losses during the forthcoming Federal Milk Marketing Order rulemaking process.
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American Farm Bureau Establishes 2024 Policies
Farmer and rancher delegates to the American Farm Bureau Federation’s 105th Convention today adopted policies to guide the organization’s work in 2024. Key topics ranged from artificial intelligence, to labor, to crop insurance.
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Here Is The Winner Of The Farm Dog Of The Year Award
A Georgia sheep dog was named the 2024 Farm Dog of the Year.
Skippy, a 4-year-old mixed breed, won the award at the American Farm Bureau Federation Convention in Salt Lake City.
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AFBF Policy Change on Guest-Worker Caps
If an immigration-labor deal develops in Congress, the American Farm Bureau Federation might be willing to accept caps on the number of visas for a year-round agricultural worker program.
Delegates at the American Farm Bureau Federation (AFBF) convention in Salt Lake City on Tuesday voted for changes in the group's policy book used to lobby Congress for legislation.
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State Farm Bureaus Honored for Outstanding Programs and Membership Achievement
Awards recognizing excellence in implementation of outstanding member programs and membership achievement in 2023 were presented at the American Farm Bureau Federation’s 105th Convention.
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Louisiana Farm Bureau Members Attending National Convention, Shaping Next Farm Bill
More than 65 Louisiana Farm Bureau Members and their families are traveling to the 105th American Farm Bureau Convention in Salt Lake City, Utah. It’s at the convention where voting delegates from all 50 states and Puerto Rico set policy positions for the nation’s largest general farm organization.
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Newly Appointed Farm Bureau Members To Lead National Program Committees
Farm Bureau farmer and rancher members play an important role in our communities and our organization by serving on governing boards and committees at local, state and national levels. Several newly appointed volunteers will provide leadership beginning in 2024 as members of the American Farm Bureau Federation’s Young Farmers & Ranchers and Promotion & Education committees.
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H-2A Growth Slows, But Remains Strong
The Department of Labor recently released full fiscal year usage data for the H-2A program. Given agriculture’s ongoing struggle to recruit domestic workers and a very tight U.S. labor market overall, it should be no surprise that H-2A program usage reached new highs again in fiscal year 2023 (October 2022-September 2023), though the rate of growth was down considerably from last year.
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Dog that Fended Off a Pack of Coyotes is Nominated for Farm Dog of the Year
The dog that fended off a pack of coyotes last year and was badly injured in the process has been nominated for Farm Dog of the Year.
Casper, a Great Pyrenees, spent weeks at the veterinarian and months at home in Decatur, Georgia, recovering from his injuries. One year later, 3-year-old Casper is fully healed and thriving.
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AFBF Appreciates Farm Bill Extension, Urges New Bill
American Farm Bureau Federation President Zippy Duvall commented today on the passage of a stopgap spending bill by both the House of Representatives and Senate, which includes a one-year extension of the 2018 farm bill. Farm Bureau sent a letter to all members of Congress Tuesday urging passage of the continuing resolution that included a one-year extension of the 2018 farm bill.
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