Farmers started the year with news of great declines in net farm income. However, reports going into harvest found that the decline won’t be as steep as once believed. Krista Swanson, lead economist with the National Corn Growers Association says September reports came as a surprise to many people.
“USDA still showing a decline in net farm income from last year, but compared to their February projections, they’re showing a smaller decline, still, any decline with where we are at is not good,” says Swanson. “I also just want to note that the reason that that changed is because of better than expected returns on beef cattle and poultry, and meanwhile, some of the row crops, like corn and soybeans, are facing a more bleak outlook.”
Heading into harvest, Swanson adds that USDA projections for 2025 are showing higher corn costs with not much improvement in the markets.