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

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 $150.2 billion and it is expected to decrease by 6.8 percent to $140.0 billion in 2024. When adjusted for inflation, farm production expenses are forecast to decrease by 3.4 percent, reaching $457.5 billion in 2024 relative to 2023.

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