The U.S. Department of Agriculture (USDA) is forecasting a better year for American farmers than previously thought, according to Wisconsin Public Radio. Its February report projected a 25% decline in net farm income from 2023, but it now expects only a 4% decline for the year, which keeps net farm income above the 20-year average.
The revised estimates reflect lower-than-expected costs for expenses including livestock feed and crop fertilizer. Overall, 2024 saw a nearly 2% drop in expenses. Other factors cited behind the more promising outlook include lower fuel prices and higher prices for milk products.
