Lower farm incomes expected in 2024

An economist says while farm incomes are projected lower in 2024, it isn’t all bad news for the ag economy.

Dr. Nick Paulson with the University of Illinois tells Brownfield…

“We’re expecting lower prices relative to what we’ve seen in the last few years,” he says.  “A continued elevated cost outlook is maybe not super optimistic in terms of looking ahead to returns in 2024.”

He says production costs have been record high, but…

“Some positive news there, you know, some of those prices have backed off a bit,” he says.  “So, we should see some moderation. But over the last three years, farms have really, I think positioned themselves well financially to withstand a couple of lower income years.”

Paulson says the farm economy is cyclical, and this is reminiscent of 2013 and 2014.

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