On Friday, July 31st, the USDA National Agricultural Statistics Service (NASS) released an updated Farm Production Expenditure Report, which estimates various production expenses for American farms. According to the report, 2019 total farm production expenditures were up 1.1 percent compared with 2018 total farm production expenditures, however crop farms expenditures decreased by 0.1 percent. For the 17 line items, nine showed an increase from previous year, while seven showed a decrease, and one remained the same.
In Arkansas, estimated farm production expenditures totaled $8.57 billion in 2019, a five percent increase from the $8.16 billion in 2018. The largest increase in total expenditures, at a 100 percent increase, was for miscellaneous capital expenses, followed by a 67 percent increase for farm improvements and construction, and a 19 percent increase for labor. The largest decreases occurred in agricultural chemicals at 12 percent lower than 2018, seeds and plants and other farm machinery which both decreased by 6 percent, and fuel which decreased 5 percent from 2018.