Tough markets, less income, and higher interest rates were a theme last year, and new data shows farm expenditures are also on an upward trend.
USDA found farm expenses were up around 6 percent in 2023, climbing to $481.9 billion. Broken down, that comes out to a little more than $255,000 per U.S. farm, which is about 12 percent from 2022.
The four largest categories include feed, farm services, labor, and livestock-related expenses, making up nearly half the total. Diesel was the largest category outside the major four, coming in just shy of $11 billion.
