2018 farm production expenses were down — slightly | Michigan Farm News

2018 farm production expenses were down — slightly

Category: Crops

by Farm News Media

2018-Production_MFN_8.9.19
The Midwest region, which includes Illinois, Indiana, Iowa, Michigan, Minnesota, Missouri, Ohio, and Wisconsin, contributed the most to United States total agricultural expenditures with expenses of $104.7 billion (29.6 percent), down from $107.8 billion in 2017. (Photo: United Soybean Board)

Farm production expenditures in the United States were $354 billion for 2018, down from $357.8 billion in 2017, according to USDA’s National Ag Statistic Service.

The 2018 total farm production expenditures are down 1.1 percent compared with 2017 total farm production expenditures. All but seven expenditure items showed a decrease from the previous year.

The four largest expenditures at the United States level total $178.1 billion and account for 50.3 percent of total expenditures in 2018. These include feed (15.2 percent), farm services (12.5 percent), livestock, poultry and related expenses (13.1 percent), and labor (9.6 percent).

In 2018, the United States total farm expenditure average per farm is $175,169, down .4 percent from $175,935 in 2017. On average, U.S. farm operations spent $26,622 on feed, $22,911 on livestock, poultry and related expenses, $21,822 on farm services, and $16,775 on labor.

For 2017, United States farms spent an average of $26,798 on feed, $21,193 on farm services, $20,455 on livestock, poultry, and related expenses, and $17,702 on labor.

The U.S. economic sales class contributing most to the 2018 United States total expenditures is the $1,000,000 - $4,999,999 class, with expenses of $113.3 billion, (32.0 percent of the United States total), down 2.2 percent from the 2017 level of $115.9 billion. The next highest is the $5,000,000 and over class with $92.5 billion, up from $91.2 billion in 2017.

The Midwest region, which includes Illinois, Indiana, Iowa, Michigan, Minnesota, Missouri, Ohio, and Wisconsin, contributed the most to U.S. total expenditures with expenses of $104.7 billion (29.6 percent), down from $107.8 billion in 2017.

Other regions, ranked by total expenditures, are the Plains at $91.7 billion (25.9 percent), West at $76.2 billion (21.5 percent), Atlantic at $45 billion (12.7 percent), and South at $36.3 billion (10.3 percent). The Midwest decreased $3.1 billion from 2017, which is the largest regional decrease.