Professional Documents
Culture Documents
Agriculture
Pat Westhoff (westhoffp@missouri.edu)
Food and Agricultural Policy Research Institute
University of Missouri
www.fapri.missouri.edu
Food, from Farm to Table
National Press Foundation
St. Louis, Missouri
July 20, 2015
Agenda
A
farm-level example
Bigger
The
Whats FAPRI?
Food
What
we do and how we do it
10-year outlook for farm economy (commodity supply, demand and prices,
website: www.fapri.missouri.edu
A farm-level example
Theres
But
Figures
see https://www.afpc.tamu.edu/pubs/0/666/WP15-1.pdf
assets: $3,559,000
Machinery
$718,000
complement
$612,000
Notes
Down from $766,000
in 2013
$19,000
Cash expenses
$440,000
$191,000
600
6.0
500
5.0
4.0
Million farms
3.0
2.0
400
300
200
1.0
100
0.0
Old #s
New #s
Old size (acres)
New size
Source: U.S. Census of Agriculture, various issues. A new approach
was used after 1997, increasing farm numbers and reducing farm
1997
2012
736,292
813,183
1,302,151
1,122,640
177,433
173,480
2,215,876
2,109,303
81.2%
70%
60%
50%
40%
35.2%
30%
20%
10%
0%
31.8%
27.8%
14.9%
5.2%
Under $100,000
3.5%
$100,000-$1 million
Farm numbers
$1 mil.-$5 mil.
Value of sales
0.4%
$5 mil and above
Intermedia Commercia
te farms
l farms
1,160,514
696,780
-$2,175
-$863
$86,366
$707,483
All farms
188,058
2,045,532
$174,185
-$1,141
$55,000
$47,000
$62,500
$746,446
$2,645,617
$801,980
Notes
Crop receipts
$208
Peaked in 2012
Livestock receipts
$173
Government
payments
Production expenses
$11
$332
About 5% of crop
receipts
Was below $200 bil. until
2004
All other
net income
$46
farm-related
Source:
FAPRI-MU
data sets from March
2015, basedIncludes
on data from
USDAs
non-money
Economic Research Service. Note that these figures and
are often
revised, income
but it
and
more
is unlikely that the stories above would change with
data
revisions.
Net farm income
$106
Peaked in 2013
Notes
Feed grains
$72
Oilseeds
$42
Soybeans, peanuts,
canola
Food grains
$17
Wheat; rice
$11
$66
Fruits, vegetables,
nursery
Cattle
$66
Some double-counting
Poultry
$40
Notes
Feed
$56
Purchased livestock
$25
Seed
$20
$40
$21
$31
Capital consumption
$32
Depreciation
Interest
$17
All other
$75
Repairs, maintenance,
Soybeans
$99
$59
$151
$38
Chemicals
$29
$27
$33
$22
$44
$34
$356
$180
$326
$291
$683
$472
Fertilizer
$519
www.ers.usda.gov/data-products/commodity-costs-and-returns.aspx). Farmers
Difference
-$21
$47
would
also receive government payments and
(if they have a loss), crop insurance
indemnities. For corn (soybeans), FAPRI estimated in March that those would
88.9
Soybeans
85.1
Wheat
56.1
Upland cotton
8.9
Sorghum
8.8
Barley
3.4
Oats
3.1
Rice
2.8
Sunflowers
1.7
Peanuts
1.6
Domestic
consumption,
pounds per capita
Beef
24.3
54.2
Pork
22.8
46.4
Chicken
38.6
83.4
5.8
15.8
Turkey
Milk
206.0
600
400
200
0
Market sales
Variable costs
600
400
200
0
Receipts
Expenses
80
60
40
20
0
Nominal
FAPRI-MU projections, March 2015
2015 dollars
800
600
400
200
0
Food expenditures
FAPRI-MU projections, March 2015
Thanks!
FAPRI-MU website:
www.fapri.missouri.edu
FAPRI-MU team:
Julian Binfield
Sera Chiuchiarelli
Deepayan Debnath
Scott Gerlt
Hoa Hoang
Lauren Jackson
Willi Meyers
Kateryna Schroeder
Wyatt Thompson
Jarrett Whistance
Peter Zimmel