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U.S. farm expenditures increase

 

The USDA reports U.S. farmers spent $397.6 billion on agricultural production in 2014. That’s up 8.3% from 2013 and the largest year to year increase since 2008.

The biggest expenditure was feed at almost 64 billion dollars, 16% above the previous year. Farm service, livestock, poultry and related expenses, and labor expenditures also had to year increases.

On average, per farm, annual spending was $191,500, 9.3% larger than in 2013. Crop farms spent more than livestock operations, $213,150 compared to $173,285, but USDA notes the difference in expenditures for 2014 was less than in previous years.

The Midwest spent the most on the business of farming, $124.0 billion, followed by the Plains at $99.3 billion.