Farm Production Expenses Increased by 7.3 Percent, Says USDA
By C.J. Miller, Hoosier Ag Today (IN)
Source: NAFB - Aug 1, 2022
Farm production expenses increased by 7.3 percent from 2020 to 2021 and hit $392.9 billion, higher than the $366.2 billion total in 2020 according to the USDA.
The four biggest expenditures totaled $189.4 billion, just over 48 percent of all expenses last year.
Those four expenditures were:
Feed at 16 percent
Farm services at 11 percent
Livestock, poultry, and related expenses at 10 percent
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...