Economists with Kansas State University Project say net farm income will fall in 2024 following a period of record highs. The report shows net farm income dropping in 2024 by $1.24 billion; however, this research shows farm income remains at the third highest level since 2013. K-State Agricultural Economist, Joe Parcell, says he was most concerned about a lack of financial tools to help income-strapped producers. This is on top of the Raff Report which found Kansas’ projected 6.2% fall in U. S. net farm income. He says there is no sign of trade/pandemic emergency payments to farmers like we saw 2018 through 2022 and if farmers are having trouble repaying loans from then, at low interest rates, refinancing at higher interest rates isn’t going to help.
K-State points out that despite this projected decline for 2024, net farm income is still the third highest since 2013, after record-setting levels were set in 2021 and 2023. Parcell highlighted two items following his analysis of the three-year average of Kansas farm income.
