USDA releases latest farm income statistics
The Agriculture Department’s Economic Research Service today released the latest farm income statistics for 2025 and its forecast for 2026.
“Net farm income is forecast at $153.4 billion in 2026, down $1.2 billion from 2025 in nominal terms, while net cash farm income is projected to rise modestly to $158.5 billion,” American Farm Bureau Federation economists Daniel Munch and Faith Parum said in a Market Intel analysis.
“Government payments remain a key factor in USDA’s farm income outlook, particularly after the agency revised its 2025 estimates,” the economists wrote.
“USDA now estimates direct government payments totaled $30.5 billion in 2025, down from the $40.5 billion forecast in September. This roughly $10 billion downward revision reflects, in part, that not all disaster assistance expected for 2025 was paid out during the year.”
They concluded, “USDA’s latest farm income forecast reinforces the difficult reality for U.S. agriculture. Net farm income is projected to edge lower in real terms, cash receipts from commodity sales are generally expected to decline, production costs remain historically high, and farm debt continues to rise.”
“At the same time, the sharp downward revision to 2025 income underscores that last year’s anticipated rebound was weaker and more fragile than previously believed, shaped heavily by the timing of disaster and economic assistance rather than broad improvements in market conditions.”
