The new numbers show net farm income will fall $6.5 billion, or 4.4%, versus the projections released in February suggesting it would drop 26%. The value of crop production is forecast to decrease $25.6 billion from 2023, but total animal and animal product receipts are expected to increase by $17.8 billion.

Agriculture can sometimes act as a buffer during broader economic recessions, as demand for essential food items tends to remain relatively stable. However, when multiple indicators align in the industry, it can signal a recession.

The farmland market is changing, according to Jim Rothermich of Iowa Appraisal. After multiple years of red-hot land values, the number of no sales is growing.