Minnesota farm production expenditures totaled $16.7 billion in 2017, according to the latest USDA, National Agricultural Statistics Service Farm Production Expenditures Annual Summary report released by the Upper Midwest Regional Office.
This was down 3% from the 2016 total expenditures.
Animal feed expense, which decreased 11% to $2.40 billion, represented the largest single production expense in Minnesota in 2017, accounting for 14% of the total. Farm services were the second-largest expense, totaling $2.01 billion and 12% of the total.
The largest-percentage decreases were miscellaneous capital expenses (down 20%), rent expenses (down 13%) and animal feed expenses (down 11%).
In the 2018 Land Values Summary report also released by USDA NASS, Minnesota’s farm real estate value — a measurement of the value of all land and buildings on farms — averaged $4,700 per acre. This was down $50 per acre or 1% from last year’s level.
Cropland value, at $4,800 per acre, was unchanged from last year.
Pasture value remained unchanged from 2017, at $1,700 per acre.
Cropland cash rent paid to Minnesota landlords in 2018 averaged $167 per acre.
Nonirrigated cropland rent averaged $166 per acre, unchanged from last year. Irrigated cropland rent averaged $192 per acre, up $7 from 2017.
Pasture rented for cash averaged $31 per acre, up $1 from the previous year.
Source: USDA NASS Upper Midwest Regional Office