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Latest 2024 farm income forecast shows overall decrease from 2023 • South Dakota Searchlight

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1 year ago

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Latest 2024 farm income forecast shows overall decrease from 2023 • South Dakota Searchlight


Farm income is forecasted to have decreased in 2024 by 4% from 2023, largely because of a decrease in cash receipts, or the gross income, from the sale of commodity crops, according to the December update of the U.S. Department of Agriculture’s farm income forecast.

Carrie Litkowski, the farm income team leader with USDA Economic Research Service, presented the latest update in a webinar Tuesday, and said the forecast was very similar to its previous September iteration.

“But somehow it feels a little more important, as we near the end of the year, to evaluate the current state of the farm economy as a starting point for considering what challenges and opportunities may lie ahead for U.S. agriculture,” Litkowski said.

Net cash farm income for 2024 is projected to be $158.8 billion, which in inflation-adjusted figures is 3.5% lower than net cash farm income in 2023. The forecast shows the 2024 figure, however, is 9.8% above the 20-year average for net cash farm income, and represents a less gradual decline than that of 2022 to 2023.

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Net cash farm income is the income minus expenses of the farm, including government payments, but excluding things like changes in inventories or economic depreciations, which are reflected in the “net farm income” figures.

The sale of agricultural commodities is projected to decrease by less than 1 percent overall as an over 8% increase in animal and animal product receipts nearly offsets the over 9% decrease in forecasted crop receipts.

Because of this, net cash income for all farm businesses specializing in crops is forecasted to be lower this year than last, but all farm businesses specializing in animal or animal products are expect to have higher net cash farm income than they did in 2023.

This could mean lower net cash income for the farming sector in South Dakota for 2024, as the first and third largest category of cash receipts on South Dakota farms in 2023 were corn and soybeans, which are projected to decrease, nationally, by 23% and 14% respectively in 2024.

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The data used in the USDA ERS forecasts represents the entire farming sector of nearly 2 million farms and ranches. Litkowski said the reports are used to inform policy makers and lenders, and in determining the ag sector’s contributions to the U.S. economy.

It’s forecasted that farmers in 2024 will have a decreased need of supplemental and disaster assistance, as well as lower dairy margin payments. That will result in a forecasted $1.7 billion decrease from 2023 in direct government payments to farmers.

Litkowski said natural disasters like hurricanes Helene and Milton have not yet shown up in the data, because much of the harvesting in the affected regions had already been completed at the time of the hurricanes, and payments have not yet been issued.

“Natural disasters have the potential to affect farm income, and historically, they have,” Litkowski said. “Sometimes it just takes time to know the impacts.”

USDA also forecasts overall lower input costs, primarily in feed fertilizers and pesticides for farmers in 2024. Other inputs, however, like labor, interest rates and livestock and poultry purchases are forecasted to have increased.

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Median farm income for 2024 is expected to increase to $100,634, which is almost 3% higher, without adjusting for inflation, from 2023. Off-farm income, which represents the biggest share of income for most on-farm families, is projected to increase in 2024, after decreasing slightly over the past three years.

Litkowski clarified that “half of all farms are residential farms” where the owner’s primary occupation is not farming, which typically leads the median on farm income to appear as a negative amount.

The forecast will be updated again Feb. 6 when the department will release its first projections for 2025.

Iowa Capital Dispatch is part of States Newsroom, a nonprofit news network supported by grants and a coalition of donors as a 501c(3) public charity. Iowa Capital Dispatch maintains editorial independence. Contact Editor Kathie Obradovich for questions: [email protected]. Follow Iowa Capital Dispatch on Facebook and X.
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South Dakota

SD Lottery Mega Millions, Lucky For Life winning numbers for Feb. 20, 2026

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5 hours ago

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February 21, 2026

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The South Dakota Lottery offers multiple draw games for those aiming to win big.

Here’s a look at Feb. 20, 2026, results for each game:

Winning Mega Millions numbers from Feb. 20 drawing

15-40-48-58-63, Mega Ball: 02

Check Mega Millions payouts and previous drawings here.

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Winning Lucky For Life numbers from Feb. 20 drawing

10-24-30-36-42, Lucky Ball: 11

Check Lucky For Life payouts and previous drawings here.

Feeling lucky? Explore the latest lottery news & results

Are you a winner? Here’s how to claim your prize

  • Prizes of $100 or less: Can be claimed at any South Dakota Lottery retailer.
  • Prizes of $101 or more: Must be claimed from the Lottery. By mail, send a claim form and a signed winning ticket to the Lottery at 711 E. Wells Avenue, Pierre, SD 57501.
  • Any jackpot-winning ticket for Dakota Cash or Lotto America, top prize-winning ticket for Lucky for Life, or for the second prizes for Powerball and Mega Millions must be presented in person at a Lottery office. A jackpot-winning Powerball or Mega Millions ticket must be presented in person at the Lottery office in Pierre.

When are the South Dakota Lottery drawings held?

  • Powerball: 9:59 p.m. CT on Monday, Wednesday, and Saturday.
  • Mega Millions: 10 p.m. CT on Tuesday and Friday.
  • Lucky for Life: 9:38 p.m. CT daily.
  • Lotto America: 9:15 p.m. CT on Monday, Wednesday and Saturday.
  • Dakota Cash: 9 p.m. CT on Wednesday and Saturday.

This results page was generated automatically using information from TinBu and a template written and reviewed by a South Dakota editor. You can send feedback using this form.



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South Dakota

JACKS CONTINUE ROADTRIP TO DENVER – South Dakota State University Athletics

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17 hours ago

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February 20, 2026

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JACKS CONTINUE ROADTRIP TO DENVER – South Dakota State University Athletics



South Dakota State continues its two-game roadtrip to Denver for a Saturday afternoon matchup against the Pioneers at Hamilton Gymnasium. 

The Jackrabbits are 21-6 overall and 11-2 in Summit League action. They are coming off a 95-93 win at Oral Roberts Thursday night, during which Brooklyn Meyer scored a career-record 44 points and Madison Mathiowetz added 23 and the winning layup at the buzzer. 

Denver is 10-17 overall and 4-10 in conference play. The Pioneers beat Kansas City 79-63 Wednesday night in KC. 

KEY STORYLINES

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  • The Jacks have reached 20 wins for the 15th consecutive season. SDSU is one of only a handful of programs with an active streak that long (Baylor, UConn, Louisville, South Carolina).

  • HC Aaron Johnston needs one win to reach 650 for his career. He ranks 12th among active DI coaches for career wins and career win percentage (.763).

  • Senior Brooklyn Meyer is coming off a program-record 44 points at Oral Roberts Thursday night. That mark is the highest by a Summit League player this year and third highest in the NCAA this season.

  • SDSU is on a four-game win streak and has been on a tear in that stretch, scoring more than 84 points in each of those games and holding opponents to less than 51 in three of four contests. The Jacks are shooting .558 from the floor as a team and allowing only .395 shooting by opponents over the last four games.

  • Brooklyn Meyer scores 21.9 points per game (10th in NCAA) and is .639 from the floor this year (5th in NCAA). She is one of three players in the country averaging 20+ points and shooting better than 60% this year (Audi Crooks at Iowa State, Jaliya Davis at Kansas, Joyce Edwards at South Carolina).

  • Maddie Mathiowetz averages 13.0 PPG overall and 14.2 PPG in conference contests. She is coming off 23 points at ORU Thursday night and has scored at least 15 in seven of the last nine games.

  • Emilee Fox also contributes double figures in conference action – 10.2 PPG in Summit League action. She leads the Summit in 3-point percentage (.526) and is second in 3-pointers per game (2.7).

  • Hadley Thul has started three straight games for the Jacks. In that stretch, Thul has contributed 1.0 points, 4.0 rebounds and 2.3 assists per game.

-GoJacks.com-



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South Dakota

SD committee votes to ‘define man and woman’ in statute

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February 20, 2026

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SD committee votes to ‘define man and woman’ in statute


Ten members of the House State Affairs committee voted Friday, Feb. 20, to pass a bill “defining man and woman throughout the state,” which opponents said was discriminatory and would open the bill up to costly litigation.

The sole dissenting votes came from Democratic Reps. Erin Healy and Eric Emery, who both expressed concerns for how the bill would affect transgender and Two Spirit South Dakotans.

Healy said House Bill 1184 and similar bills that have come up in the past “attack trans individuals in South Dakota,” complicates their lives and makes it harder for them to exist.

“It feels like Groundhog’s Day,” Healy said. “We do this every year. This bill doesn’t solve a problem. I know some of you think it does. This bill is not saving lives. This bill is harming individuals.”

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Emery noted that wíŋkte people, a traditional Two Spirit identity within Oceti Sakowin culture, have been held in high esteem for thousands of years as healers who brought medicine and brought people together. He said the bill is offensive to them.

More: A decade of hate: How South Dakota’s anti-LGBTQ+ bills have grown in the last 10 years

“We constantly say we don’t want outside state influence, but yet it’s here,” Emery said. “I find it very humorous that we pick and choose when we want to use outside influence, when we say, ‘Stay out of our state, let us handle our own problems.’”

How did the discussion play out?

House Speaker Rep. Jon Hansen, R-Dell Rapids, who is running for governor, brought HB 1184. He said the bill is about “not institutionalizing falsehoods of a particular gender ideology” and holding to “biological reality.” He also argued the bill wouldn’t prevent anyone from living their life how they choose.

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Other proponents included lobbyists with Alliance Defending Freedom, Family Voice Action and Concerned Women for America.

Proponents, and the legislators who voted in support of the bill, largely argued that it was common sense legislation, cleans up existing statute, falls in line with a federal executive order, and argued there are only two sexes or genders.

More: A decade of hate: How anti-LGBTQ+ rhetoric has shaped legislation in Pierre

Opponents included lobbyists with South Dakota for Equity, the South Dakota Advocacy Network for Women, and the ACLU of South Dakota.

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They largely argued that HB 1184 leads to constitutional impacts, unintended consequences, and broad statutory mandates; conflicts with federal civil rights law; opens the door to litigation; legislates on multiple subjects; reduces South Dakotans to their reproductive capacity and function; and, doesn’t address any clearly demonstrated statewide crisis.



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