Bidenomics Threatens Farmers with Income Decline

Bidenomics is causing significant declines in net farm income for 2024, expected to be the most substantial drop in nearly two decades. The contraction is attributed to falling crop prices and a decrease in US dominance in ag exports. This decline in income is seen as a continuation of the financial challenges faced by farmers in 2023, potentially leading to the largest income drop since 2006. Additionally, the report signals a rapid decline in the US farmers' leading role in the global grain market, with Brazil's export dominance eroding the decades-long dominance of corn exports.