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Higher livestock revenue helps overall farm income

Ag economist Scott Brown says there’s been a shift in U.S. farm income.  “A lot of things are moving better for livestock,” he says. “Unfortunately, on the crop side, income is not moving in the same direction.”

He tells Brownfield crop receipts have declined significantly. “Receipts are down $25 billion from where we were in 2022,” he says.  “Even though we’re declining from the records of 2022, we’re saying just a little below $175 billion according to the USDA’s 2024 estimate, so still higher than where we were in 2020.”

Brown says for livestock cash receipts, subtract purchase feed expenses and subtract purchased livestock.  “Back in 2020, we were saying it’s a little more than $75 billion, and today we’re sitting at $150 billion, so double,” he says.

He says higher egg and cattle prices are providing the biggest boost to the overall increase in livestock receipts.