In February, the U.S. Department of Agriculture released a forward-looking reporting on the state of U.S. agriculture. The department’s Economic Research Service took the lead on the report, which outlines U.S. agricultural production and trade through 2024.
The report also included estimations on important farm financials, such as net farm income and commodity prices.
Overall, the report brought mixed news for farmers. The USDA projected a decline in net farm income from recent record highs. The department also projected direct government payments to farmers sharply increasing in coming years.
Some of the losses may be partially offset by gains in international trade, however. The global demand for meat is expected to increase, meaning U.S. poultry, pork and beef exports could see substantial gains.
See the below graphic for some of the report’s key highlights.