# USDA Projects Lower Farm Incomes in 2024 - Farmer Mac

> USDA's February forecast projects US net cash farm income will fall about 24% to $122bn in 2024, which is 40% below the 2022 record. The decline reflects broad drops in commodity prices, with corn and soybean futures roughly 47% and 32% below their 2022 peaks.

- Date: 2024-03-01 · published 2024-03-01T12:00:00.000Z
- Category: report · region US · magnitude low
- Page: https://feedsoft.ai/events/31194-usda-projects-lower-farm-incomes-in-2024-farmer-mac
- 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 income and weaker prices reflect ample global supply. This points to continued pressure on feed grain prices unless supply tightens.

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2025-02-27 | [USDA's initial look at 2025-26 marketing year - Pro Farmer](https://feedsoft.ai/events/26084-usda-s-initial-look-at-2025-26-marketing-year-pro-farmer.md) | -5.3% | -1.0% |
| CORN | 2024-04-16 | [USDA predicts lower crop prices for key commodities in 2024 \| Agriculture Dive](https://feedsoft.ai/events/30684-usda-predicts-lower-crop-prices-for-key-commodities-in-2024-agriculture-dive.md) | -0.3% | +3.3% |
| CORN | 2026-03-01 | [USDA Cuts 2025 Farm Income As Weakness Persists Into 2026 \| Potato Grower Magazine](https://feedsoft.ai/events/20155-usda-cuts-2025-farm-income-as-weakness-persists-into-2026-potato-grower-magazine.md) | +2.0% | +5.1% |
| CORN | 2022-08-12 | [USDA Projects Higher Soybean Yield, Lower Demand](https://feedsoft.ai/events/39955-usda-projects-higher-soybean-yield-lower-demand.md) | -0.7% | -1.6% |
| CORN | 2024-11-08 | [PF Reaction to USDA's Reports \| November 8, 2024 - Pro Farmer](https://feedsoft.ai/events/27341-pf-reaction-to-usda-s-reports-november-8-2024-pro-farmer.md) | -1.4% | -2.0% |
| SOY | 2025-02-27 | [USDA's initial look at 2025-26 marketing year - Pro Farmer](https://feedsoft.ai/events/26084-usda-s-initial-look-at-2025-26-marketing-year-pro-farmer.md) | -2.6% | -2.3% |
| SOY | 2024-04-16 | [USDA predicts lower crop prices for key commodities in 2024 \| Agriculture Dive](https://feedsoft.ai/events/30684-usda-predicts-lower-crop-prices-for-key-commodities-in-2024-agriculture-dive.md) | +0.2% | +4.1% |
| SOY | 2026-03-01 | [USDA Cuts 2025 Farm Income As Weakness Persists Into 2026 \| Potato Grower Magazine](https://feedsoft.ai/events/20155-usda-cuts-2025-farm-income-as-weakness-persists-into-2026-potato-grower-magazine.md) | +2.4% | +0.2% |

## Sources

- farmermac.com: https://www.farmermac.com/insights-research/usda-projects-lower-farm-incomes-in-2024

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