Nebraska farm income expected to drop

Fall harvest scene. (Photo courtesy of DEKALB Asgrow.)

Nebraska’s net farm income is projected to fall to $6 billion in 2024 and average $6.3 billion per year across the next decade, according to a new report from the Rural and Farm Finance Policy Analysis Center at the University of Missouri, produced in conjunction with the Center for Agricultural Profitability at the University of Nebraska-Lincoln.

While United States farm income projections topped a 2021 record with a new record in 2022 before falling in 2023, Nebraska net farm income fell in 2022, to $6.6 billion, before partially rebounding in 2023, to $7.2 billion.

The projected decline is attributed to a downturn in crop receipts in the state—due to lower crop prices in 2023—that look to fall further in 2024. Livestock receipts grew in 2023 on the strength of cattle prices but look to decline in 2024 with reduced cattle marketings and further declines in other livestock commodities, the report said.