U.S. gross cash farm income forecast to decline in 2023 and 2024

U.S. gross cash farm income components, inflation adjusted, 2003–2024F

Gross cash farm income (GCFI) is annual income before expenses and includes cash receipts, farm-related income, and Government farm program payments. In inflation-adjusted 2024 dollars, GCFI is forecast at $549.8 billion in 2024, versus $400.3 billion in 2003, with the increase across time primarily due to higher cash receipts. If forecasts are realized, GCFI would decrease by 8.5 percent in 2023 relative to 2022 and further decrease by 6.1 percent in 2024 relative to 2023.

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