• USDA Forecasts Decline in Farm Income for 2024, Launches Initiatives to Support Producers

  • Dec 4 2024
  • Length: 3 mins
  • Podcast

USDA Forecasts Decline in Farm Income for 2024, Launches Initiatives to Support Producers

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  • Welcome to this week's USDA update. The most significant headline from the Department of Agriculture this week is the confirmation of a decline in farm income for 2024. According to the USDA's December forecast, net farm income is projected to decrease by $6 billion, or 4.1%, from 2023 to $140.7 billion. This marks the second consecutive year of declining income for American farmers, with crop producers bearing the brunt of the economic downturn[1][4].

    The USDA's Economic Research Service notes that total crop receipts are expected to decline by $25 billion, or 9.2%, from 2023, primarily due to weaker global demand and falling prices. This decline underscores the financial pressures farmers face, particularly those specializing in crops such as corn and soybeans. In contrast, livestock producers are seeing stronger receipts, with a 7.1% increase in animal and animal product sales[4].

    In response to these challenges, the USDA has announced new initiatives to support farmers. Secretary Tom Vilsack recently unveiled a $2 billion program to strengthen the specialty crops sector and expand crop storage for producers affected by natural disasters. The Marketing Assistance for Specialty Crops initiative aims to help farmers overcome market barriers and access necessary pre-market storage facilities[2][3].

    Additionally, the USDA has launched the Commodity Storage Assistance Program, providing $140 million to help producers access commercial storage facilities. This program is particularly crucial for farmers in the Southeast who have been impacted by recent hurricanes[2].

    The USDA has also made significant changes to its Farm Loan Programs, including the introduction of an online loan application and a debt consolidation tool. These improvements are designed to better assist borrowers in making strategic investments in their agricultural operations[5].

    In terms of public engagement, citizens can learn more about these initiatives and programs by visiting the USDA's website or contacting their local USDA Service Center. The USDA encourages producers to take advantage of these resources to navigate the challenging financial landscape.

    Looking ahead, the USDA will continue to monitor the farm economy and provide support to farmers. The next farm income forecast is expected in early 2025. For more information, visit usda.gov.

    That's all for this week's USDA update. Thank you for tuning in.
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