# 2023 and 2024 Farm Sector Profitability: Issues for Congress - EveryCRSReport.com

> 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.

- Date: 2024-11-21 · published 2024-11-21T12:00:00.000Z
- Category: report · region US · magnitude low
- Page: https://feedsoft.ai/events/27388-2023-and-2024-farm-sector-profitability-issues-for-congress-everycrsreport-com
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md)

## Why it matters

Lower farm incomes can constrain producer spending and inform discussions of disaster aid, but the report itself does not move feed grain prices.

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2019-04-16 | [U.S. Farm Income Outlook for 2019 - EveryCRSReport.com](https://feedsoft.ai/events/59572-u-s-farm-income-outlook-for-2019-everycrsreport-com.md) | -1.8% | -1.9% |
| CORN | 2019-05-20 | [Major Agricultural Trade Issues in the 116th Congress - EveryCRSReport.com](https://feedsoft.ai/events/59090-major-agricultural-trade-issues-in-the-116th-congress-everycrsreport-com.md) | +3.2% | +10.8% |
| CORN | 2022-03-14 | [U.S. Farm Income Outlook: 2021 Forecast - EveryCRSReport.com](https://feedsoft.ai/events/42252-u-s-farm-income-outlook-2021-forecast-everycrsreport-com.md) | +1.1% | +10.2% |
| CORN | 2020-02-27 | [Major Agricultural Trade Issues in 2020 - EveryCRSReport.com](https://feedsoft.ai/events/54478-major-agricultural-trade-issues-in-2020-everycrsreport-com.md) | +2.6% | -3.7% |
| CORN | 2022-07-05 | [Farm Bill Primer: Trade and Export Promotion Programs - EveryCRSReport.com](https://feedsoft.ai/events/40475-farm-bill-primer-trade-and-export-promotion-programs-everycrsreport-com.md) | +1.9% | -14.6% |
| SOY | 2019-04-16 | [U.S. Farm Income Outlook for 2019 - EveryCRSReport.com](https://feedsoft.ai/events/59572-u-s-farm-income-outlook-for-2019-everycrsreport-com.md) | -4.1% | -9.0% |
| SOY | 2019-05-20 | [Major Agricultural Trade Issues in the 116th Congress - EveryCRSReport.com](https://feedsoft.ai/events/59090-major-agricultural-trade-issues-in-the-116th-congress-everycrsreport-com.md) | +1.0% | +11.1% |
| SOY | 2022-03-14 | [U.S. Farm Income Outlook: 2021 Forecast - EveryCRSReport.com](https://feedsoft.ai/events/42252-u-s-farm-income-outlook-2021-forecast-everycrsreport-com.md) | -1.3% | -0.1% |

## Sources

- everycrsreport.com: https://www.everycrsreport.com/reports/R48278.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.