On top of the challenges in 2023, farm expenses were also high

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.

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