WI Farming Costs Are Up, But There’s Cash to Throw Around

Looks like our farmers spent around 8% more on expenses last year. That’s to be expected with supply chain issues, right? But why you might not expect is that farmers also brought in more money! 

Here’s Five Fast Facts About Farming Costs and Cash

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1. 📈Interesting Fact - The National Agricultural Statistics Service reported that the average Wisconsin farmer dropped $181,591 in expenses in 2021, hitting almost every kind of expense.
2. 🐄All You Can Eat - The largest production expense was feed, with a $2.24B price tag. That price is actually down 2% from 2020! Not bad.
3. 🌽Point of Interest - Spending on interest was down 7% and is attributed to farmers refinancing, taking advantage of lower rates from the pandemic.
4. 🚜Heavy Metal - But check this out: thanks to pandemic-relief funding, farmers actually had more cash in hand to spend and they bought a LOT of trucks and vehicles, spending an average of $2,496 per farm
5. 🛢️Russian Meddling - 2022 is probably going to look different thanks to Russia invading Ukraine. Fuel and chemicals like fertilizers are already increasing in price and it doesn’t look like it’s slowing down soon.

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🔥Bottom line: We can all use a little good news now and then. Knowing our farmers were able to keep rolling and not be cash strapped is a great thing. Not just because our state is largely driven by agriculture (and football), but because the rest of the country depends on it. However, Putin still hasn’t stopped trying to insist he’s got the biggest set, so don’t expect fuel to get any cheaper.

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How do you feel about those numbers? Let us know by connecting with us on Social Media and be sure to share this newsletter with any friends & coworkers!

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