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A Congressional Research Service report analyzes USDA's September 2024 forecast, which put 2023 net farm income at about $146.5 billion and 2024 at about $140.0 billion. Both figures are below 2022's $182.0 billion, and USDA's third forecast is due December 3, 2024.
Lower farm incomes can constrain producer spending and inform discussions of disaster aid, but the report itself does not move feed grain prices.
everycrsreport.comNov 21, 2024After 3,207 past report events, CORN moved a median +0.2% over 5 sessions (54% higher; middle half -1.3% to +1.7%), and +0.5% over 20.
After 2,389 past report events, SOY moved a median 0.0% over 5 sessions (50% higher; middle half -1.6% to +1.9%), and +0.1% over 20.
After 2,447 past report events, WHEAT moved a median +0.0% over 5 sessions (51% higher; middle half -1.5% to +1.8%), and +0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
