Nebraska and U.S. Farm Income Update and Outlook — Spring 2024 (April 18, 2024 Webinar)

With: Brad Lubben, Associate Professor and Extension Policy Specialist, University of Nebraska-Lincoln; and Scott Brown, Associate Professor and Interim Director of the Rural and Farm Finance Policy Analysis Center, University of Missouri. Nebraska’s net farm income is expected to fall to $6 billion in 2024 and average $6.3 billion across the next decade. This comes after Nebraska farm income rebounded in 2023 compared to 2022, coming in at a projected $7.2 billion. Crop production recovered but prices fell in 2023 and appear to be trending toward longer-run averages. Livestock receipts were up on the strength of the beef prices but may be topping out as cattle inventory begins to rebuild and prices soften. Production expenses have grown substantially to record levels in 2023 and look to remain relatively high in the coming years. Join us for an analysis of the latest farm income situation and the outlook for 2024, which comes with expectations of lower crop prices and reduced livestock receipts as cattle marketings bottom out, all while production expenses remain sticky just a little below the record levels of 2023. Presented by the University of Nebraska-Lincoln’s Center for Agricultural Profitability and the University of Missouri’s Rural and Farm Finance Center. Read the report here: https://cap.unl.edu/farm-income.