Crops account for the largest share of the value of U.S. agricultural production
The value of agricultural production in the United States rose over most of the last decade due to increases in production as well as higher prices. Yield gains for crops were particularly important, although acreage also rose in response to elevated prices from 2008 to 2012. Falling prices in the last two years, accompanied by some reduction in acreage, have led to a 15-percent decline in the value of crop production since 2012. While livestock production increased over the decade, high feed costs and drought led to slower growth in recent years. Cattle herd rebuilding combined with Porcine Epidemic Diarrhea Virus (PEDv) to reduce red meat production by almost 4 percent in 2014, pushing overall red meat and poultry production down more than 1 percent. Higher prices more than compensated for lower production, resulting in a 17-percent increase in the value of livestock production last year.
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