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Shining Light on Farm & Food Policy for 20 Years.
Thursday, November 14, 2024
The Agriculture Department has sharply raised its forecast for farm earnings this year, projecting that net farm income will fall by close to 7% from 2023, a far smaller decline than USDA economists had estimated in February.
The Senate this week tackles a bipartisan border security compromise that likely faces unsurmountable opposition from House Republicans and former President Donald Trump.
With action on a farm bill postponed to next year, the Senate Agriculture Committee turns to handling a pair of nominations, including a new undersecretary for rural development at the Agriculture Department.
The Agriculture Department expects net farm income to decline in 2023 amid falling agriculture commodity revenues, higher production expenses and a decline in direct payments from the government.
USDA’s latest farm income forecast could provide some ammunition to farm groups and their allies in Congress who argue that soaring production costs are eating into farm earnings while producers have little chance of seeing payments from commodity programs.
The Agriculture Department is significantly increasing its farm earnings forecast for 2022, estimating that net cash farm income will reach its highest level in a decade due to the booming prices for crops and animal products.
