USDA Releases Lower Farm Income Estimates

WASHINGTON, D.C. (WJON News) - The United States Department of Agriculture is estimating another down year for farm country.

After reaching record highs in 2022, overall farm cash receipts fell by $29.7 billion in 2023 and are expected to drop another $39.8 billion in 2024 to a total of $116.1 billion.

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Other findings from the report:

• Direct government farm payments are forecast to be $10.2 billion in 2024, a $1.9 billion decrease from 2023.
• Total expenses are forecast to grow to $16.7 billion, a 3.8 percent increase from 2023.
• Debt-to-asset levels are expected to worsen slightly to 12.78%, while working capital levels are expected to fall 16.6 percent from 2023 levels.

On the positive side, farm sector equity is expected to increase by 4.7 percent to $3.74 trillion, and farm sector assets are expected to climb 4.7 percent to $4.28 trillion.

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