Navigating a softer ag economy and no new farm bill were the chief topics at the Tenth Annual Ag Outlook Forum on September 16 in Kansas City.
Hosted by Agri-Pulse and the Agricultural Business Council of Kansas City, the Forum is a critical information exchange between national leaders in ag policy, economics, and business during harvest season. In an overview of the economy, USDA Chief Economist Seth Meyer said most crop prices will likely continue their downward trend through the end of 2024, but so will total production expenses, alleviating some of the losses. “Crop receipts are expected to lower net farm income for 2024,” he said to those in attendance.
He’s hopeful that farmers have several good years of farm income stashed away to help carry them through the leaner time. Jackson Takach of Farmer Mac says the major difference between now and the last down-cycle is the interest rate.
