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January 16, 2024

The 2024 Economic Outlook for U.S. Agriculture

The U.S. farm economy is entering a period of softening in 2024 after years of record-high income.

Net farm income remains well above the 10-year average and many farmers are entering the year in a strong liquidity position. But will it last? Despite the unknowns, one thing is certain—preparation will be key and AgAmerica is here to help you do it.

“Many of the forces that caused key commodity prices and net farm income to reach record highs in 2022 reversed course in 2023, resulting in a 17.4 percent decline in net farm income. Even so, net farm income in 2023 was 7.2 percent higher than two years ago and 49 percent higher than the 10-year average. Risk management will be key in 2024, and this report provides actionable ways to do it.“ – Dr. John Penson, Chief Economist at AgAmerica

In this annual economic outlook report, you will find:

  • Key events in 2023 that will shape 2024.
  • Market outlook for each major farm commodity.
  • Predictions on factors shaping the farm economy in 2024.
  • Actionable strategies you can take to offset risk.

Download the full report to unlock exclusive insights to help you start the year strong.

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