Breakdown of Farm Revenue
We review the 2022 USDA Census of Agriculture for Trends in Farm Revenues
The USDA issues a census of agriculture every five years, and the most recent one was for 2022.
In today’s post we will review the farm revenue trends from 2022 versus 2017.
The total value of crops for 2022 was about $281 billion in 2022 versus $194 billion in 2017.
As expected, the number one crop was corn at about $89 billion versus $51 billion. Soybeans was number 2 at $55 billion versus $40 billion. Wheat had total revenues of about $14 billion which was almost a double from 2017 (extra revenue due to Russia/Ukraine war).
Vegetables had total revenue of about $28 billion versus $20 billion in 2017. Fruits and tree nuts increased from $29 billion to $34 billion.
Other crops primarily hay was $21 billion up from $14 billion.
The total value of livestock was about $262 billion up from $195 billion in 2017. Crops and livestock values are typically within about 10% of each other each year.
Cattle was the largest at $89 billion up from $77 billion. Chicken and eggs was second at $77 billion up from $49 billion. Dairy was third at $53 billion up from $37 billion and hogs was last at $36 billion up from $26 billion.
42.1% of income was from farms with more than $5 million in revenue which is up from about 34.5% in 2017. The share from farms with more than $1 million in revenue is 78.3% up from 68.6% in 2017.
2022 was a year of high income, much of it due to Russia/Ukraine. It will be interesting to see how 2027 looks compared to 2022.