Net farm income, a broad measure of profits, is forecast at $140.7 billion in calendar year 2024, a decrease of $6.0 billion (4.1 percent) relative to 2023 in nominal (not adjusted for inflation) dollars. After adjusting for inflation, net farm income is forecast to decrease $9.5 billion (6.3 percent) in 2024 relative to 2023. Despite this expected decline, net farm income in 2024 would be 15.9 percent above its 20-year average (2004–23) of $121.4 billion.

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