Missouri net farm income is projected to decline in 2024, for the second consecutive year. That’s the latest from the University of Missouri’s Rural and Farm Finance Policy Analysis Center’s (RaFF) Fall 2024 Missouri Farm Income Outlook.
Published bi-annually, the report provides state-wide projections of key farm financial indicators for the Show-Me State. Cash receipts, production statistics, government payments and other elements pertaining to agricultural profitability are evaluated to project the state’s net farm income.
Despite its projected $697 million decline to $3.66 billion in 2024, net farm income is still the fourth highest on record in Missouri’s history, following 2021 (third highest), 2022 (record-high), and 2023 (second highest). The report projects that farm receipts will decline an overall $1.66 billion, mostly driven by lower crop receipts and farm related income (crop insurance indemnities). [Read more…] about Missouri net farm income takes another dip in 2024