Kansas net farm income is projected to decline in 2024, with estimates of $4.69 billion, down $1.24 billion from 2023 peak levels, according to the Rural and Farm Finance Policy Analysis Center (RaFF) and Kansas State University agricultural economists. The decline is attributed to a significant drop in crop insurance indemnities and crop receipts, which will outweigh the increase in livestock receipts.

K-State economist Joe Parcell expressed concern over the lack of financial support options for struggling farmers, highlighting the absence of trade or pandemic emergency payments and the challenges of refinancing loans at higher interest rates. Despite the decline, Kansas’ 2024 net farm income will still be the third highest since 2013.

Key findings include a decrease in total planted crop area, a shift towards corn and soybeans, and an increase in harvested wheat acres due to favorable conditions. Cattle and calves’ inventory is expected to decline slightly, but cash receipts are projected to rise by 10% due to higher prices. Overall production expenses will rise slightly in 2024 but are forecasted to decline in 2025. The report aims to inform policymakers and industry analysts about trends and profitability in the agricultural sector.