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Eastern Shore of MD | We normally do our income projection in March each year but this but having to update 2024 income projections as of now and uhhh......
Granted we are in a drought area and our small grain crops were below avg due to excessive winter rains but the real driver is the large drop in commodities and increased expenses. Sold some $13 new crop beans in March but now that was $3 ago. Have done a little better in corn but certainly not good. Best chance for profitable acres is vegetables as they held contract prices near to the last couple years when commodity prices were higher but that is just timing and they will lower prices in 2025 to follow commodities.
So the new projections show our worst net income year since 2003.... so 21 years!
Going to be burning cash and some equity in 2024. Not looking for sympathy.... just wondering if most realize the gravity of the current situation.
Edit to add. I am really going to have to re evaluate who we buy from if seed companies want an increase on 2025 seed.
Edited by MD GenX 8/29/2024 21:27
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Anyone update 2024 Income Projections Recently?
