Agricultural prices have been trending upward since 2020

A line chart showing increasingly high prices farmers received for livestock and crops from 1995 to 2022 relative to prices in 2011

Prices for agricultural commodities tend to vary year-to-year, but they remained relatively stable for both crops and livestock for a 4-year period from 2016 through 2019. In 2020, aggregate crop prices jumped 18 percent and continued to rise another 14 percent year-over-year in 2021, to a record-high level. This record grew higher in 2022 when aggregate crop prices increased about 8 percent. While crop prices rose at the beginning of the Coronavirus (COVID-19) pandemic, livestock prices initially fell by 7 percent in 2020. Prices received for livestock rebounded in 2021 as strong demand and supply chain hurdles pushed prices up 18 percent from the previous year. Aggregate livestock prices increased further in 2022 to an all-time high level.

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