The National Corn Growers Association’s Economic Update reported on everything from trends to challenges, opportunities, and market conditions in U.S. agriculture. The rapid 2024 harvest gives farmers an edge on any fall field preparations and more time to finalize year-end financial plans, which is critical in the current high-cost and low-price environment. It also looked at the impact of a potential tariff war.
A recent study by the NCGA and the American Soybean Association shows a reignited tariff war would limit market access, drop corn prices, and increase overseas market competition for U.S. corn. The report also detailed economic conditions, including government projections showing a drop in net income for farmers.
USDA predicts U.S. real net cash income for the U.S. farm sector will dip 9.6 percent in 2024. The decline follows a 24 percent drop last year. The report is designed to show what’s working and not working in U.S. agriculture.
NAFB news service
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