We posted a couple weeks ago about production for almost all of the major crops in 2011 being down from 2010. Even though production was down, income for most of these crops seems to be up in 2011 from 2010. A recap of the major crops is as follows:
- Corn -- $76.5 billion, up from $64.7 billion (18% increase)
- Soybeans -- $35.8 billion, down from $37.5 billion (4.5% decrease)
- Wheat -- $14.4 billion, up from $12.8 billion (12.5% increase)
- Hay -- $17.8 billion, up from $14.7 billion (21% increase)
- Cotton -- $7.3 billion, unchanged
- Potatoes -- $4.0 billion, up from $3.7 billion (8.1% increase)
As you can see, almost all crops yield more sales volume than 2010 with lower production. This year, my guess is that we might see higher production, yet lower sales.
We will recap some of the income numbers by states during the rest of this week.
Are Your Finances Progressive Enough to Survive a Tough Market?
Jim's Morning Markets Report--February 27