A new poll of agricultural economists by Farm Journal shows most expect lower commodity prices, along with the outlook for higher costs, to weigh on the agriculture industry in 2024.
Farm Journal has partnered with the University of Missouri to create the Ag Economists’ Monthly Monitor.
University of Missouri agricultural economist Scott Brown says, “If we continue down the path that we started with the January estimates, perhaps we’re telling 2024 to be a less positive story than we would have just a few months ago.”
Ag economists’ forecast for prices of all crops and livestock shifted lower compared to the December survey, signaling net farm income could also fall more than originally anticipated.
The January survey found economists’ views on net farm income also took a turn, with the survey average falling to $135 billion for 2024.
However, ag economists think relatively strong balance sheets and working capital could provide a cushion for 2024 with no major concerns about immediate farm solvency issues.