By Bernt Nelson, Economist, American Farm Bureau Federation

USDA’s September 2025 net farm income forecast, released Sept. 3, projects net farm income will rise sharply from 2024. While stronger performance in some sectors is a factor in the increase, much of it is tied to continued support from government disaster assistance.

Overall, USDA’s September 2025 net farm income forecast projects a mixed outlook for farmers. Net farm income, a key measure of profitability, is forecast at $179.8 billion in 2025. This is an increase of $52 billion, or 40.7%, from $127.8 billion in 2024, but about $300 million lower than USDA’s February forecast of $180.1 billion.

Livestock and crop receipt disparity The forecast showed significant disparities between livestock and crop receipts. On one hand, to

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