As we all know so well a big part of farming is spending money. Every year farmers are faced with decisions on where to spend their hard earned money and what categories can be cut. The USDA National Agriculture Statistics Service compiles annual reports of what expense categories farmers are spending the most money on. Here are some of the various expenses covered in the Farm Production Expenditures 2013 Summary report released recently. Take a look and see how your expenses stack up to the rest of your fellow farmers.
- The #1 category for dollars spent in 2013 was Feed.
- Feed expenses made up 16.8% of all money spent with $29,779 spent on average per farm for a total of $60.5 billion spent.
- Fuel accounted for 4.3% of total expenses with an average expenditure of $7,826 and a total of $15.6 billion spent.
- Livestock, Poultry & Related Expenses accounted for 9.3% of all expenses. The average spent per farm was $16,321 with a total of $33.5 billion spent last year.
- In Missouri farmers spent nearly $10.3 billion on farm related expenses last year and accounted for 6.5% of the nation’s total farm expenditures.
This recent report contains a lot of interesting information and we encourage everyone to look through and familiarize yourself with the buying power of the agriculture industry.