Nebraska’s net farm income is expected to fall to $6 billion in 2024 and average $6.3 billion across the next decade. This comes after Nebraska farm income rebounded in 2023 compared to 2022, coming in at a projected $7.2 billion. Crop production recovered but prices fell in 2023 and appear to be trending toward longer-run averages. Livestock receipts were up on the strength of the beef prices but may be topping out as cattle inventory begins to rebuild and prices soften. Production expenses have grown substantially to record levels in 2023 and look to remain relatively high in the coming years.
Join us for an analysis of the latest farm income situation and the outlook for 2024, which comes with expectations of lower crop prices and reduced livestock receipts as cattle marketings bottom out, all while production expenses remain sticky just a little below the record levels of 2023.
Click here to read more unl.edu
Photo Credit: istock-123ducu
Categories: Nebraska, Livestock, Beef Cattle