"The drop in net farm income is not just an economic hiccup, it’s evidence of an agricultural downturn.” American Farm Bureau Federation (AFBF) President Zippy Duvall said in response to the September 5 announcement by USDA’s Economic Research Service that since 2022, America’s net farm income is estimated to decline by 23 percent this year.
“High inflation, severe weather and plummeting crop prices should serve as a wake-up call for Congress to finally step up and do the right thing by modernizing the farm bill.” Duvall continued adding, “We've lost 141,000 farms in five years -- is Congress going to wait to act until we lose another 150,000 or 300,000? It has been two years of kicking the can down the road when it comes to the farm bill, and there is no road left for some farmers in light of the current economic realities and antiquated safety net programs.”
Along with the effort that Farm Bureau has been working with other agricultural and groups interested in the food assistance programs that the Farm Bill provides, AFBF Economist Daniel Munch has prepared a Market Intel report which details the estimate of our country losing nearly a quarter of the net farm income over the past two years.
Some segments of our nation’s agriculture, like the livestock industry have made some improvement. Others, like crop farmers, have lost even more, keeping the net loss at about one-fourth of farmers and ranchers income.
The costs for labor, interest, and taxes, along with reduced government support, continue to present significant challenges for U.S. farmers, who remain financially vulnerable as they head into another difficult year.
In Nevada, a training session is being offered this month “Ranching For Revenue.” This session is planned for Sept. 26 in Elko. For more information, contact Adrienne Snow, Extension outreach specialist at [email protected] or by calling 775-247-6458. The link to sign up is https://www.eventbrite.com/e/ranching-for-revenue-tickets-1007218516697?aff=oddtdtcreator
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