Ag economic review

According to this week's new USDA Farm Income Forecast, when producers close the books on the 2024 production year compared to 2023. Speaker2: Farmers will generally receive lower prices for their crop commodities, but higher prices for their animal and animal product commodities. Speaker1: But it all leaves overall U.S. net cash farm income, down from last year. This from the head of USDA's Economic Research Service, Spiros Stefano. Speaker2: Net cash farm income is forecast to be at 158.8 billion in 2024. This is a 1.1% decline from 2023. Speaker1: This decline coming in spite of an 8.4% increase in cash receipts for animal and animal products and a projected 1.7% decline, a rare decline in farm production expenses. Usda's new farm income forecast for this year shows receipts for crop producers down significantly from last year. Stefano, says crop receipts are expected down pretty much across the board. Speaker2: Corn is forecast to drop nearly 23%, soybeans just over 14%, cotton nearly 29%. Wheat's dropping as well. Speaker1: Just about the only crops bringing in more money are vegetables and melons. Those sales up 4%. On the animal side, cash receipts are projected up for all the major products. Speaker2: Cow calf is increasing nearly 5%, dairy is increasing 8.8%, broilers are up 3.4%, but. Speaker1: The biggest increase? Eggs of course. Egg sales up about 36%.