(Washington D.C.) USDA released the first farm income projections for 2026. Carrie Litkowski, a senior economist with the USDA’s Economic Research Service, said the income forecast is lower this year.
“Net cash farm income is forecast at $158.5 billion, which is an increase of about 4.6 billion, or three percent in 2025. Net farm income is forecast to fall by $1.2 billion, or almost one percent. Net cash farm income measures sales when they occur, so it measures cash receipts. Crop cash receipts are forecast to increase. Net farm income instead measures the value of crop production, and that is forecast to decline.”
Litkowski talked about other notable numbers in the forecast.
“Cash receipts from commodity sales are forecast to fall by $14 billion or almost three percent in 2026, and direct government payments are forecast to increase by about $14 billion in 2026. Total production expenses are forecast to increase almost $5 billion, or one percent. On the farm sector balance sheets, assets, debt, and equity are all forecast to increase, with overall equity expected to increase by almost three percent from 2025 to 2026. On farm businesses, average net cash farm income in 2026 is projected at $135,000. This is an increase of almost 19 percent. Median total farm household income in 2026 is forecast at $113,000 approximately, an increase of about five percent.”
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Audio provided by NAFB News Service and Rod Bain of the U.S. Department of Agriculture
Audio with Carrie Litkowski, a senior economist with the USDA’s Economic Research Service
