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USDA RELEASES REPORT SHOWING PRODUCTION, NET MARGIN, USE OF CROP INSURANCE BY FARM TYPES
Dec. 20, 2022
by Keith Good, University of Illinois' farmdoc program
The USDA's Economic Research Service (ERS) recently released its annual report exploring characteristics of U.S. farms: "America's Farms and Ranches at a Glance, 2022 Edition." Today's update includes highlights from the report, which was written by Christine Whitt, Noah Miller, and Ryan Olver.
The report noted that, "In total, family farms accounted for about 98 percent of total farms and 83 percent of total production in 2021."
"America's Farms and Ranches at a Glance: 2022 Edition," by Christine Whitt, Noah Miller, and Ryan Olver. Economic Research Service. Economic Information Bulletin Number 247 (December 2022).
"Nonfamily farms accounted for the remaining 2 percent of farms. Although the percentage of nonfamily farms has remained the same from 2020 to 2021, the farms' value of production increased from 13 percent in 2020 to 17 percent of production in 2021."
With respect to commodity production, ERS explained that, "Large-scale family farms produced most of the values of cotton (73 percent), dairy (69 percent), and cash grains and soybeans (51 percent) in 2021. Small family farms produced the majority of hay (53 percent)."
"America's Farms and Ranches at a Glance: 2022 Edition," by Christine Whitt, Noah Miller, and Ryan Olver. Economic Research Service. Economic Information Bulletin Number 247 (December 2022).
In a closer look at profitability, the report indicated that, "Large family farms were most likely to have OPMs [Operating Profit Margin] in the low-risk (green) zone (OPM of at least 25 percent)- at 54 percent-and least likely to be in the high-risk zone in 2021 at 25 percent. These farms are more likely to have positive on-farm income."
To read the entire report click here.
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