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Farm Income News: Net Farm Income Falls Below the 10-Year Average 

Trimble Agriculture

This is the largest year-over-year decline in income the agriculture sector has ever seen. If realized, net farm income would fall to $116.1 In this article, we’ll dig into what factors are influencing farm income in 2024 and what farmers can do to weather it. billion in 2024. Contact us today.

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Letter Urging Congress to Pass a Bipartisan Farm Bill in 2023

NASDA

We urge Congress to find a bipartisan path forward that avoids a government shutdown, addresses FY 2024 government funding, and moves to consider the farm bill without additional delay. All Americans depend on the success of American agriculture, and managing risk on the farm is critical to this success.

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USDA Will Implement Long-Awaited Change to Country-of-Origin Labeling Rules

Daily Yonder

farmers and ranchers, agriculture experts predict. “We Announced March 11 by Secretary of Agriculture Tom Vilsack, the new rule will require that “Product of U.S.A.” Small farmers and ranchers in rural America especially felt the brunt of this. From 2022 to 2023, net farm incomes dropped by $41.8

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Eight Challenges for U.S. Agriculture in 2024 and How to Mitigate Them 

Trimble Agriculture

Strong liquidity is helping farmers overcome challenges in agriculture—but risk remains. In 2023, inflation-adjusted net farm income is forecasted to decline 20 percent, falling from several years of record highs. Net farm income is nearing the five-year average. Interest rates are increasing.

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Report Recap: Four Factors Impacting Farm Income in 2023 

Trimble Agriculture

In 2022, landowners experienced record high farm income, with net farm income reaching $183 billion. Net Farm Income and Cash Farmer Income, Inflation Adjusted (billion dollars) Note: F = forecast. But in 2023, that number is predicted to fall 22 percent.

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U.S. Farmland Market Outlook for 2024 

Trimble Agriculture

As COVID-era funding runs out and input costs continue to rise, farm income is expected to fall 22 percent in 2023. Even so, it’s important to understand that farm liquidity remains strong and net farm income will still remain well above the 10-year average. billion to $140.4

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Farm Bill Coalition Letter

NASDA

Given the enormous challenges facing production agriculture – including a farm economy that has taken a downward spiral – it is imperative Congress act before year’s end to strengthen farm policy for America’s farmers. Farmers are struggling, and the decline in the farm economy is real. Department of Agriculture (USDA).

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