Strong livestock revenue slows decline in U.S. farm income
Farm income is down for the second year in a row, with receipts from corn and soybeans — the two largest field crops — off by a combined $23.5 billion from 2023 levels, but higher than expected livestock revenue is a counterweight, said the Agriculture Department on Tuesday. It estimated net farm income, a broad measure of profits, at $140.7 billion this year, down by $6 billion from last year but still the fourth-highest level on record.
U.S. economy and inflation to slow in 2024; crop prices to dip again
Interest rates and inflation will slow in 2024, along with the U.S. economy overall, projected the Agriculture Department on Tuesday in an outline of farm sector conditions in the new year. Farm-gate prices for the three major field crops—corn, soybeans, and wheat—would fall for the second year but remain above pre-pandemic levels while market prices for cattle and hogs go up.