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U.S. net farm income forecast to decrease in 2024

by Kathleen Kassel
12/3/2024

Farm Sector Income & Finances

A line chart with 3 lines shows U.S. gross farm income, production expenses, and net farm income (inflation adjusted) for the years 2004 through a forecast for 2024.

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Gross farm income reflects the total value of agricultural output plus Government farm program payments. Net farm income (NFI) reflects income after expenses from production in the calendar year and is calculated by subtracting farm expenses from gross farm income. NFI considers cash, noncash income, and expenses and accounts for changes in commodity inventories. In 2023, inflation-adjusted net farm income was $150.3 billion, and it is expected to decrease by 6.3 percent to $140.7 billion in 2024. When adjusted for inflation, farm production expenses are forecast to decrease by 4.1 percent relative to 2023, reaching $453.9 billion in 2024.

U.S. net farm income forecast to decrease in 2024

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