Corn Production Varies and Farm Income Expected Down in 2024

Corn Production Varies and Farm Income Expected Down in 2024

Bob Larson
Bob Larson
From the Ag Information Network, I’m Bob Larson with your Agribusiness Update.

**U.S. corn production is forecast at 15.1 billion bushels. Based on September 1 conditions, yields are expected to average 173.8 bushels per harvested acre, according to .

In Alabama, corn acreage is revised down from the previous estimate to 345,000 acres planted to 335,000 acres.

And in Georgia, corn acreage is revised up from the previous estimate to 500,000 acres planted and 450,000 acres


**The UN’s Food and Agriculture Organization’s Food Price Index averaged 121.4 points in August, a 2.6-point drop from July, reversing the rebound registered that month.

The August drop pushed the index 38 points lower than its peak reached in March 2022.

The overall drop was driven by declines in the index for dairy products, vegetable oils, meat, and cereals, while the sugar price index rose modestly.

**U.S. farm income will decline modestly in 2024 and then run at historically high levels in the near term, said the Food and Agricultural Policy Research Institute.

Although well above average, net farm income of around $140 billion annually in coming years would be a step down from last year’s record of $183 billion.

FAPRI director Pat Westhoff tells after the projected decline, the projected levels of real net farm income are still above pre-pandemic levels.

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