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Lower agricultural commodity prices are contributing to a decline in netfarmincome in 2024. This, combined with higher input costs, fewer government payments, and rising interest rates, is leading to a drop in netfarmincome. In 2024, netfarmincome is predicted to follow a similar pattern of decline.
A long awaited rule that changes which meat and poultry goods can bear the label “Product of U.S.A.” and therefore they’ll be able to sell more beef,” said Marty Irby, board director and secretary for the non-profit research group Organization for Competitive Markets. “We From 2022 to 2023, netfarmincomes dropped by $41.8
FAPRI’s report shows prices for many farm commodities have fallen sharply from 2022 peaks and will likely decline further for crops harvested in 2024 and beyond. As a result, netfarmincome is expected to hit the lowest level since 2020. Hog, poultry and milk prices all declined in 2023 as demand weakened. .
Bicameral Agriculture Democrats responded with a letter that same day to USDA and the Office of Management and Budget, conveying the need to make additional funding available to producers via the Marketing Assistance for Specialty Crops (MASC) program. Department of Agriculture Secretary Tom Vilsack and U.S. Keystone Cooperative, Inc. ,
For 2023, an assumed return to more normal conditions results in projected declines in commodity prices, farmincome and food price inflation, according to the latest U.S. Agricultural Market Outlook from the Food & Agricultural Policy Research Institute at the University of Missouri. in 2023 and under 2% in 2024.
Creating a Farmer Seed Liaison position in the Agricultural Marketing Service (AMS), whose responsibilities include strengthening competition and choice in the seed marketplace (Sec. Provides $5 million in mandatory funding for Organic Production and Market Data Initiatives, to remain available until expended (Sec. 12103, 7124).
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