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U.S. gross cash farm income to decline in 2024

U.S. gross cash farm income components, inflation adjusted, 2004–2024F

Gross cash farm income (GCFI) is annual income before expenses and includes cash receipts from the sale of crops and animal/animal products, farm-related income, and Government farm program payments. In inflation-adjusted 2024 dollars, GCFI is forecast at $577.1 billion in 2024, versus $422.7 billion in 2004, with the increase across time primarily due to higher cash receipts. If forecasts are realized, GCFI would decrease by 5.0 percent in 2024 relative to 2023.

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