Farm Production Expenditure Figures Released

According to the latest USDA National Agricultural Statistics Service Farm Production Expenditures Annual Summary report, Iowa farm production expenditures totaled $29.8 billion in 2013. This is 2.9 percent above the 2012 total expenditures. Feed expense, which rose 2.2 percent to $5.05 billion, represented the largest single production expense for Iowa farmers in 2013, accounting for 16.9 percent of the total. Livestock and Poultry purchase expense was the second largest expense, totaling $4.53 billion and 15.2 percent of the total. This is up 13.5 percent from 2012. Rent expense rose 4.3 percent to $4.11 billion, and accounted for 13.8 percent of the total. The largest percentage increases were for Miscellaneous Capital expenses (up 20 percent), Livestock and Poultry purchases, and Fuels (up 10.8 percent).