After the three highest consecutive years on record in 2021-2023, the first farm income forecast of 2024 indicates a drop in net farm income,
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ABA Banking Journal’s annual analyses target important issues across multiple topics.
Lenders still expect borrower profitability to remain relatively elevated this year.
Minorities and women may have trouble getting loans to buy and run farms, the report says, noting that socially disadvantaged farmers and ranchers are more likely to operate smaller, lower-revenue farms; have weaker credit histories; or lack clear title to their agricultural land.
According to recent reporting in Politico, lawmakers and staff are “significantly more gloomy” on Farm Bill prospects for 2024. The bill is set to expire again on Sept. 30.
More than 26,000 customers who submit a Direct Loan application each now have an online option that provides an electronic signature option, the ability to attach supporting documents such as tax returns, complete a balance sheet and build a farm operating plan.
One of the top priorities for the banking industry, as many farms over the next decade may be switching hands as older farmers retire.
A bright spot for farmers is that some production costs, including feed, fertilizer and pesticides, have declined, USDA Secretary Vilsack said. The agency is taking those factors into account as it works with Congress on the next Farm Bill into 2024.
Despite the EPA’s explicit labelling authority, some states are adding labeling requirements outside of the EPA-approved label, trade group says.
With the Farm Bill extended through the 2024 fiscal year, there’s more time—10 months—to work on a full five-year farm bill without cutoffs for many important farm programs.