Nebraska and U.S. Farm Income Update and Outlook (Oct. 31, 2024 Webinar)

With: Brad Lubben, Associate Professor and Extension Policy Specialist, University of Nebraska-Lincoln; and Alejandro Plastina, Associate Professor of Agricultural Finance and Director of the Rural and Farm Finance Policy Analysis Center, University of Missouri. Nebraska’s net farm income is expected to fall in 2024 after setting a record in 2023 at more than $9 billion. The projected decline may not be surprising given the drop in most commodity prices other than cattle leading to lower revenues against input costs that remain near record high levels. The record high in 2023 was more surprising given previous projections for more modest results. Greater than expected changes in cattle prices helped drive receipts higher, but the number for 2023 was also a result of periodic revisions to official USDA estimates given new data from the 2022 Ag Census that was used to reconcile previous estimates and also confirmed the growth of the poultry industry in the state over the past 5 years. Join us for an analysis of the latest farm income situation and the outlook for the rest of 2024 and beyond given recent price and cost changes that impact the financial picture for ag producers. Presented by the University of Nebraska-Lincoln’s Center for Agricultural Profitability and the University of Missouri’s Rural and Farm Finance Center. The report is expected to be published by Oct. 12 at https://cap.unl.edu/farm-income.