U.S. farm operations report record cash receipts from commodity sales in 2022
U.S. farm operations reported record cash receipts of $555 billion from the sales of all commodities in 2022. This beat the previous high from 2014 by 3.1 percent after adjusting both amounts for inflation and was 28 percent above the 20-year average level. The 2022 record cash receipts primarily resulted from the strength of 2022 commodity prices, although production levels in 2022 were also strong. Cash receipts from crops amounted to $288 billion, while receipts from all animals and animal products totaled $267 billion. A comparison of 2022 levels by commodity group to their respective inflation-adjusted 20-year average levels (2002–2021) indicates widespread high performance relative to historical averages. Operations selling meat animals (cattle, calves, and hogs) reported $121 billion in cash receipts in 2022, 18 percent higher than its 20-year average. Farm operations with feed crops (primarily corn) reported $105 billion in cash sales, 53 percent above its 20-year average. Poultry and egg receipts were $80 billion (primarily made up of broilers and chicken eggs), 67 percent above the average. Oilseed crop receipts were $68 billion (primarily soybeans), 54-percent above its 20-year average. Find additional information and analysis on the USDA, Economic Research Service topic page Highlights from the Farm Income Forecast, reflecting data released on August 31, 2023.
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