By Scout Nelson
Nebraska Farm Business, Inc. (NFBI) has released its annual financial report, providing a detailed look into the economic performance of farms and ranches across Nebraska in 2024. The report shows a modest recovery in net farm income compared to 2023 but indicates that many financial pressures still remain.
According to the latest data, net farm income nearly double from $38,005 in 2023 to $85,471 in 2024. While this increase signals improvement, it is still far from the 2021 high of $504,052. This large gap shows how unpredictable and volatile the agriculture sector can be.
The fluctuation in income is influenced by several key factors, including changing commodity prices, unpredictable weather patterns, and rising input costs. These challenges have made it difficult for many operations to regain the financial stability seen just a few years ago.
Each year, the NFBI collects real financial data from Nebraska farms and ranches. The organization uses this information to offer benchmarking tools and financial insights that help producers better understand their operations and plan for long-term success. Their reports are valued for reflecting actual numbers from working farms.
“Net farm income nearly doubled in 2024, rising to $85,471 from $38,005 in 2023. While this marks a notable recovery, it remains significantly below the peak of $504,052 reached in 2021.”
For those interested in a deeper analysis, a complete report is available for purchase at www.nfbi.net under the Annual Reports section.
This year’s numbers serve as a reminder of the constant financial balancing act in agriculture and the importance of strategic planning and adaptation to economic changes.
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Categories: Nebraska, Business, Government & Policy