USDA is projecting that 2024 will be the second straight year of falling crop prices and slim profits. How long should farmers expect this trend to continue? USDA Chief economist Seth Meyer says that to break out of this negative pattern, the United States ag markets typically need a boost from external factors.
Meyer says that is why it is important for producers to set aside money during the good times for commodity prices, to have on hand for times when the ag markets are not as friendly.
Meyer explains a few key points from the USDA’s farm income forecast for 2024.
