Saturday Morning Ag Wrap: Crop Values, Cash Rents, and Farm Production

CROP VALUE

The production of Iowa’s field and miscellaneous crops was valued at $14.0 billion in 2017, according to the USDA, National Agricultural Statistics Service – Crop Values summary. This was a 4% decrease from 2016.

The value of corn for grain production totaled $8.47 billion, down 6 percent from the previous year, and production was down 5%. Iowa’s corn price averaged $3.25 per bushel, a decrease of $0.05 from the last marketing year.

Down 2% from 2016, the value of soybean production was $5.19 billion, and production was down 1 percent. Average prices decreased $0.09 from the previous year to $9.25 per bushel.
Value of production increased in 2017 from 2016 for oats, alfalfa hay, other hay, and all forage. Value of production decreased from the previous year for winter wheat.

CASH RENT

Cropland cash rent paid to Iowa landlords in 2018 averaged $231.00 per acre according to the USDA, National Agricultural Statistics Service. Non-irrigated cropland rent averaged $231.00 per acre, unchanged from last year. Pasture rented for cash averaged $54.00 per acre, unchanged from the previous year.

FARM PRODUCTION

Iowa farm production expenditures totaled $26.4 billion in 2017, according to the latest USDA, National Agricultural Statistics Service – Farm Production Expenditures Annual Summary report. This was $55 million more than the 2016 total expenditures. Feed expense, which declined 16 percent to $4.40 billion, represented the largest single production expense in Iowa in 2017, accounting for 17 percent of the total. Livestock, Poultry, and Related purchases, which rose 14 percent to $4.31 billion, was the second largest expense, and accounted for 16 percent of total expenditures. Rent expense increased 2 percent to $3.64 billion, and accounted for 14 percent of the total. The largest percentage increases from last year were for Trucks and Autos (up 50%), Labor (up 18%), Livestock (up 14%), and Interest (up 12%).