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2018 NEBRASKA FARM PRODUCTION EXPENDITURES UP 7 PERCENT | KRVN Radio

2018 NEBRASKA FARM PRODUCTION EXPENDITURES UP 7 PERCENT

2018 NEBRASKA FARM PRODUCTION EXPENDITURES UP 7 PERCENT

Farm and ranch production expenditures for Nebraska totaled $24.2 billion in 2018, up 7 percent from a year earlier, according to USDA’s National Agricultural Statistics Service. Livestock expenses, the largest expenditure category, at $8.09 billion, increased 28 percent from 2017. Feed, the next largest expense category at $3.10 billion, increased 3 percent from 2017. Rent, the third largest total expense category, at $2.44 billion, increased 2 percent from 2017.

Livestock expenses accounted for 33 percent of Nebraska’s total production expenditures. Feed accounted for 13, rent 10, and farm services 8 percent.

The total expenditures per farm or ranch in Nebraska averaged $528,105 in 2018, up 8 percent from 2017. The Livestock expense category was the leading expenditure, at $176,253 per operation, 7.69 times the national average. Rent expenditures, at $53,159 per operation, were 3.73 times the national average. The average feed expenditure, at $67,538, was 2.54 times the national average. Farm services expenditures per operation, at $43,791, were 2.01 times the national average.

These results are based on data from Nebraska farmers and ranchers who participated in the Agricultural Resource Management Study conducted by USDA’s National Agricultural Statistics Service. Producers were contacted in January through April to collect 2018 farm and ranch expenses.

 

2018 United States Total Farm Production Expenditure Highlights

Farm production expenditures in the United States are estimated at $354.0 billion for 2018, down from $357.8 billion in 2017 according to USDA. The 2018 total farm production expenditures are down 1.1 percent compared with 2017 total farm production expenditures. For the 17 line items, 7 showed an increase from previous year, while the rest showed a decrease.

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 0.4 percent from $175,935 in 2017. On average, United States 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.

Total fuel expense is $12.3 billion. Diesel, the largest sub component, is $8.1 billion, accounting for 65.9 percent. Diesel expenditures are up 8.0 percent from the previous year. Gasoline is $2.13 billion, down 3.2 percent. LP gas is $1.41 billion, up 0.7 percent. Other fuel is $660 million, down 17.5 percent.

The United States 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.

In 2018, crop farms expenditures decreased to $181.9 billion, down 1.5 percent, while livestock farms expenditures decreased to $172.1 billion, down 0.6 percent. The largest expenditures for crop farms are rent at $24.1 billion (13.2 percent of total), labor at $24.5 billon (13.5 percent), and farm services at $24.8 billion (13.6 percent). Combined crop inputs (chemicals, fertilizers, and seeds) are $53.2 billion, accounting for 29.2 percent of crop farms total expenses. The largest expenditures for livestock farms are feed at $52.3 billion (30.4 percent of total), livestock, poultry and related expenses at $44.2 billion (25.7 percent), and farm services at $19.3 billion (11.2 percent). Together, these line items account for 67.3 percent of livestock farms total expenses. The average total expenditure for a crop farm is $208,026 compared to $150,108 per livestock farm.

The Midwest region contributed the most to United States 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 $45.0 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.

Combined total expenditures for the 15 estimate states is $232.8 billion in 2018 (65.8 percent of the United States total expenditures) and $236.0 billion in 2017 (65.9 percent). California contributed most to the 2018 United States total expenditures, with expenses of $36.8 billion, (10.4 percent). California expenditures are down 2.7 percent from the 2017 estimate of $37.8 billion. Iowa, the next leading state, has $25.3 billion in expenses, (7.2 percent). Other states with more than $20 billion in total expenditures are Texas with $25.1 billion and Nebraska with $24.2 billion.

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