Farm Production Expenditures Reach Record High
USDA’s National Agricultural Statistics Service released its 2011 Farm Production Expenditures summary Thursday. Farmers spent a record-high 318.7-billion dollars to produce ag products last year. That’s an increase of 10.2-percent over 2010. The average production expenditures per farm were up 11.3-percent at $146,653. The largest expenditure category was feed. Farmers spent an average of $25,129 on feed in 2011.
NASS reports the four biggest categories – feed; farm services; livestock, poultry and related expenses; and farm labor – accounted for nearly half of all production expenditures on U.S. farms in 2011. Fuel costs again accounted for a significant portion of farm production expenditures – with farm operations spending more than 15.3-billion dollars for fuel in 2011. Farmers spent 10-billion on diesel fuel – a 23.7-percent increase from 2010. Farmers in the Midwest region reported spending a total of 98.7-billion dollars – nearly a third of all 2011 farm production expenditures. Expenditures totaled 73.8-billion in the Plains, 69.8-billion in the West, 39.1-billion in the Atlantic and 38.2-billion in the South.
The Farm Production Expenditures summary provides the official estimates for production input costs on U.S. farms and ranches. The estimates are based on the results of the nationwide Agricultural Resource Management Survey conducted by NASS. For the entire summary go to www dot nass dot usda dot gov (www.nass.usda.gov).