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KEY INDICATORS OF THE U.S. FARM SECTOR

Major Crops - A 27-year History with Inflation Adjustments

January 2002 Annual Update

Period (Yearly Average)
Price-Support Loan Rate ($/bu.)
Inflation Adjusted Price sup. Loan Rate ($/bu.)
Export Volume (Billion bu.)
Domestic Use (Billion bu.)
Total Use (Billion bu.)
Ending Stocks (% of use)
Inflation Adjusted Government Payment ($/acre)
Average U.S. Farm Price ($/bu.)
Inflation Adjusted U.S. Farm Price ($/bu.)
Average U.S. Yield (bu./acre)
Inflation Adjusted Gross Income ($/acre)
CORN
1975-79 $1.74 $4.74 1.9 4.5 6.4 21 $1 $2.30 $6.38 95 $607
1980-84 $2.54 $4.64 2 5.1 7.1 29 $20 $2.83 $5.19 100 $541
1985-89 $1.94 $2.97 1.8 5.6 7.4 46 $110 $2.11 $3.19 112 $466
1990-95* $1.74 $2.13 1.8 6.5 8.3 16 $60 $2.45 $3.00 119 $417
1996-01* $1.89 $2.00 1.9 7.5 9.4 16 $68 $2.13 $2.26 133 $368
2001 Proj. $1.89 $1.89 2 7.9 9.9 16 $64 $2.00 $2.00 138 $340
WHEAT
1975-79 $2.14 $5.87 1.2 0.8 2 49 $18 $3.10 $8.57 31.4 $287
1980-84 $3.46 $6.33 1.5 1 2.5 52 $28 $3.61 $6.62 36.6 $270
1985-89 $2.45 $3.75 1.2 1.1 2.3 56 $61 $3.10 $4.67 35.4 $226
1990-95* $2.30 $2.82 1.2 1.2 2.4 23 $37 $3.35 $4.09 37.5 $191
1996-01* $2.58 $2.73 1 1.3 2.3 33 $37 $3.04 $3.23 40.7 $169
2001 Proj. $2.58 $2.58 1 1.3 2.3 30 $32 $2.80 $2.80 40.2 $144
SOYBEANS
1975-79 $3.45 $9.31 0.7 1 1.7 12 $0 $6.11 $16.91 29.4 $497
1980-84 $5.02 $9.19 0.8 1.1 1.9 15 $0 $6.60 $12.12 28.6 $347
1985-89 $4.77 $7.26 0.7 1.2 1.9 18 $0 $5.76 $8.70 32 $279
1990-95* $4.90 $6.02 0.7 1.4 2.1 13 $0 $5.94 $7.29 35.8 $261
1996-01* $5.21 $5.51 0.9 1.8 2.7 9 $25 $5.37 $5.72 38.4 $245
2001 Proj. $5.26 $5.26 1 1.9 2.9 9 $48 $4.30 $4.30 39.6 $218
COTTON
  upland upland all all all all upland all all all all
1975-79 42.4 116.2 5.8 6.7 12.5 31 $0 57.7 159.9 481 $769
1980-84 53.5 97.6 6.1 5.6 11.8 42 $115 62.1 114.1 529 $719
1985-89* 53.3 81.1 5.8 7.6 13.4 51 $175 59.2 89.5 624 $733
1990-95* 51.3 63.1 7.3 10.1 17.4 19 $76 64.3 78.9 640 $580
1996-01* 51.9 54.9 7.1 9.9 16.9 30 $99 53.7 57.3 657 $475
2001 Proj. 51.9 51.9 10 7.3 17.3 51 $237 32.4 32.4 698 $463
Note: USDA projects a sharp increase in 2001 cotton exports, a sharp decline in 2001 domestic use, compared to 2000 and prior crop years. The Feb. 8, 2002 USDA-WASDE estimate reports this is due to problems in retail textile demand and loss of market share by U.S. mills to textile imports.
RICE
      rough equiv. rough equiv. rough equiv.            
1975-79 $6.82 $19.10 70.6 47.4 118 28 $61 $8.70 $23.97 4,543 $1,150
1980-84 $7.88 $14.38 74.9 62.2 137.2 38 $147 $9.27 $17.17 4,699 $954
1985-89* $7.03 $10.72 75.6 77.7 153.3 30 $417 $6.35 $9.57 5,577 $951
1990-95* $6.50 $8.00 78.9 97.8 176.7 17 $250 $7.35 $9.00 5,663 $760
1996-01* $6.50 $6.88 85.6 113.5 199.1 15 $253 $7.38 $7.90 6,043 $731
2001 Proj. $6.50 $6.50 88 123.1 211.1 20 $359 $4.25 $4.25 6,429 $633
Period (Yearly Average)
Price-Support Loan Rate ($/bu.)
Inflation Adjusted Price sup. Loan Rate ($/bu.)
Export Volume (Billion bu.)
Domestic Use (Billion bu.)
Total Use (Billion bu.)
Ending Stocks (% of use)
Inflation Adjusted Government Payment ($/acre)
Average U.S. Farm Price ($/bu.)
Inflation Adjusted U.S. Farm Price ($/bu.)
Average U.S. Yield (bu./acre)
Inflation Adjusted Gross Income ($/acre)

U.S. AGRICULTURAL TRADE BALANCE
(FY's corresponding to marketing years)
  Nominal Inflat. Adj.
1975-79 $15.1 bill. $40.6 bill.
1980-84 $19.8 bill. $36.9 bill.
1985-89 $12.5 bill. $18.6 bill.
1990-95 $20.1 bill. $24.5 bill.
1996-01 $15.2 bill. $16.3 bill
2001 Proj. $15.5 bill. $15.5 bill.

NOTES:

  1. Source of all data: USDA-ERS, USDA-FSA, and Bureau of Labor Statistics.
  2. Government Payments include Marketing Loan Benefits (LDP's etc., projected for 2000 and 2001); Production Flexibility, Market Loss Assistance ('98-'01), and Oilseed Payments; Deficiency Payments.
  3. Inflation adjustments made to Jan. 2002 Consumer Price Index-All Urban Consumers.
  4. Averages calculated from data for 27 individual years.
  5. Each average annual period begins with passage year of new farm bill (except 1977 and 1981 bills).

Backround Notes:

  1. Exports: USDA export data is gross export volume, with no adjustment for imports.
  2. USDA projects 2001 imports of wheat to total 95 million bushels, 9.5% of exports or 14% of ending stocks.
  3. USDA projects 2001 imports of rice to total 12.5 million cwt., 14% of exports or 29% of ending stocks.
  4. Equivalent Farm Prices: Inflation adjusted equivalent farm prices per bu, lb., or cwt., (including government payments) can be calculated by dividing Period Yearly Average Gross Income by Average U.S. Yield.


Last Updated on 03/20/2002
By Nebraska Farmers Union