COLUMBUS, Ohio — Experts predict farm income to decrease in this year but at a slower rate than in 2023.

According to the United States Dept. of Agriculture, the Economic Research Service "measures, forecasts, and explains indicators of economic performance for the U.S. farm sector and farm businesses by resource region and commodity specialization."

"When we look at the latest numbers for corn and soybeans as kind of a good barometer of how things are going for farmers in Ohio, soybean prices are down 50% since mid-summer," agriculture expert Andy Vance said. "When we look at corn, it's very similiar."

Net farm income is expected to decrease by 4.4% this year, down $6.5 billion from 2023.

Last year, farm income decreased by 19.5%, down $35.6 billion from 2022.

Vance said the reason may be supply and demand.

"If you're looking at why crop prices might fall, the theory would be that you're simply seeing more supply coming on to market. In other words, a bumper crop so to speak or weakening demands," he said.

This all comes as farmers continue to deal with historic drought and the short-lived dockworkers strike.

"What gets really unfortunate is a year like this in Ohio where we have significant drought, where prices are lower, but individual farmers might not have a great crop because they're producing less due to the drought," Vance said.

If you have an idea for the Ag Report, a question for Chuck and Andy or you’d like to send a photo of your farm and the work you do, email charles.ringwalt@charter.com.