U.S. farm production expenditures were estimated by the USDA at $477.6 billion in 2024, down from $481.9 billion in 2023. The 2024 total farm production expenditures were down 0.9 percent compared to 2023. The four largest expenditures in the U.S. totaled $230 billion, which accounted for 48.1 percent of total expenses. They included feed at 15 percent, farm services at 11 percent, labor at 10.8 percent, and livestock, poultry, and related expenses at 10.4 percent.
During 2024, total farm expenditures per farm were just over $254,000, down 0.4 percent from $255,000 in 2023. During 2024, crop farm expenditures dropped to $252.3 billion, down 0.1 percent, while livestock farm expenditures decreased to $225.3 billion, down 1.8 percent. The largest expenditure for crop farmers was labor at $38 billion, farm services, fertilizer, lime, soil conditioners, and rent. Combined crop input costs reached $72.2 billion, making up 29 percent of total crop farm costs.
