Commodity Prices and Farm Income

The Trump administration has announced a $12 billion aid package for U.S. farmers to offset tariff-related losses, but some farm-state lawmakers and specialty crop producers say more help may be needed.

Ag economists are divided on whether expected USDA trade aid will help producers or create new risks, as farmers face low prices, high input costs, and market volatility.

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.