U.S. farm expenditures rose in 2010 but only at a modest pace, according to the latest "Farm Production Expenditures, 2010 Summary" from USDA's National Agricultural Statistics Service, released August 2.
Total expenditures were up 0.6% for farmers across the country, compared to 2009. Total expenditures in 2009, however, went down a significant 6.4% compared to the previous year.
Here is a breakdown of some of the top expense items that showed increases in 2010; tractors and self-propelled machinery went up 17.2%; rent went up 14.6%, other farm machinery went up 6.4%, seeds and plants up 5.2%, fertilizer, lime and soil conditioners went up 4.5%, fuels went up 4% and taxes went up 3.8%.
Total production expenditures in North Carolina were the same in 2010 as they were in 2009, according to the report. Livestock, poultry and related expenses accounted for 18.4% of the total in 2010, compared to 16.6% in 2009. Feed costs were the same in 2010 that they were in 2009, accounting for 31.5% of total expenditures in the Tarheel State.
Farm services expenditures in North Carolina totaled $850 million in 2010, up from $830 million in 2009. That accounted for 20% of total expenditures in the state, compared to 9.6% in 2009. Rent costs were $250 million in the latest report, 2.9% of total expenditures. That statistic was up from $210 million, or 2.4% of total costs, during the previous year. The expenditures for agricultural chemicals in the Tarheel State went down by 0.3%, however, to $260 million in 2010, compared to $290 million in 2009.
Fertilizer, lime and soil conditioners tipped down a bit in 2010, to 4.6% of total expenditures, compared to the 4.7% of total expenditures they cost North Carolina farmers in 2009. Interest charges were 2.1% of total expenditures for North Carolina farmers in 2010, down from 2.4% of the total expenditures in 2009.
Labor costs were $550 million dollars for North Carolina farmers in 2010, compared to $730 million in 2009.
Expenditures by farmers in South Carolina, Virginia and West Virginia in the above categories were not broken out in the report.
Read the complete report at http://usda.mannlib.cornell.edu/MannUsda/viewDocumentInfo.do?documentID=1066.