2021 Farm Production Expenses Up Seven Percent over 2020
Farm production expenses hit $392.9 billion 2021, a 7.3 percent rise from 2020’s $366.2 billion, according to data released by USDA.
The four biggest expenditures totaled $189.4 billion, just over 48 percent of all expenses last year. Those four are feed at 16 percent; farm services at 11 percent; livestock, poultry, and related expenses at 10 percent; and labor at 9.4 percent.
The total fuel expense was $12.9 billion on 2021. Diesel is the largest sub-component and totaled $8.4 billion in expenditures, accounting for 65 percent of the total fuel outlay. Diesel expenditures were 18 percent higher than in 2020. Gasoline expenses totaled $2.4 billion, 22 percent higher than the previous year. LP gas expenses rose to $1.4 billion in 2021, an 11 percent jump from 2020.
Crop farm expenditures were $207.6 billion, up 6.2 percent, and livestock farm expenditures increased to $185.3 billion, up 8.5 percent in 2021.