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Farm Income

  • Farm income is projected to drop sharply in 2024, raising concerns among producers, while McDonald's lawsuit against beef giants over alleged price-fixing could bring changes to the industry.
  • 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.