Bose George

William Ryan

Brendan Michael McCarthy

Gary Gordon

- The USDA's September 2025 forecast for **net cash farm income** was revised **downward to $180.7 billion** from the February forecast of **$194 billion**, representing a **5-7% decrease**.  **[845877_tx_381945_6]** 
- This revision is largely due to **lower direct government payments** (down **$3 billion**) and an anticipated **$30 billion increase in cash expenses**, primarily driven by **higher interest expense** (from **$28.9 billion to $32.5 billion**) and **feed costs** (from **$62 billion to $68 billion**).  **[845877_tx_381945_7]** **[845877_tx_381945_8]** 
- **Total farm debt is projected to increase by $30 billion in 2025**, with **real estate debt and non-real estate debt each up $12 billion**, indicating that farmers are taking on more debt than previously expected.  **[845877_tx_381945_8]** 
- Farm-level **working capital is forecast to rise significantly to $168 billion** from the February anticipation of **$128 billion**, primarily due to additional debt issuance and inventory carryovers.  **[845877_tx_381945_14]**

FEDERAL AGRICULTURAL MORTGAGE (AGM)