Agricultural Economy

Farmers face a tough year as tariffs, fertilizer shortages, and trade wars impact crops, livestock, and costs, with some wary of political interference and government policies.

In 2023, U.S. farm bankruptcies hit a record low, thanks to high commodity prices and farm incomes. However, with rising costs and decreased revenues, 2024 may see a rise in filings. Meanwhile, farm bill discussions stall in Congress, and potential deportations of undocumented farmworkers could severely impact the agriculture sector.

Political wrangling stalls the new farm bill in Congress, with a proposed bill potentially increasing deficit spending by $33 billion. Amid a weakening farm economy, Amish farms in Lancaster County, PA, offer insights into surviving and thriving on a small scale.

Over the past few months, the agricultural economy faces challenges with predicted drops in crop receipts and government payments. However, net farm income projections for 2024 have increased by $3 billion. Tractor sales are down, and economists are concerned about retreating crop prices. Meanwhile, demand for beef remains strong, and lower grain prices benefit livestock producers. A Farm Progress Magazine survey shows high demand for graduates in various agricultural majors due to their practical, hands-on education.