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Kansas net farm incomes projected to slightly rebound in 2024

An ag economist is forecasting a slight increase in net farm income for Kansas farmers this year.

Kansas State University’s Gregg Ibendahl says net farm incomes for 2024 are projected to average around $120,000, up from $89,000 in 2023.

“Even though it’s a bounce back and percent wise looks pretty good, 2023 was such a low net farm income, I wouldn’t really call that a whole lot of a bounce back,” he says.

But, he tells Brownfield…

“Grain prices where they are I think is going to depress things overall even though we may have a pretty good growing year,” he says. “I think the fact that expenses are still pretty high and the fact that we’re going to have lower grain prices is going to squeeze our net farm income.”

Ibendahl says 30% of Kansas farmers in 2023 reported a negative net farm income.

“Even on the positive side, we had net farm incomes last year range from zero up to probably a half million dollars or higher,” he says. “These next couple years even though I’m looking at a bounce back, I think we’re going to have an even wider distribution.”

He says as many as 35% of Kansas farmers could have negative farm income this year.

According to Ibendahl, the forecast for 2025 is mixed, with slightly higher incomes in the east and west and slightly lower incomes in central Kansas.