Crop values decline on lower corn, soybean prices
Tue, 18 Feb 2014 14:33:55 GMT —
The value of crops fell last year as corn and soybeans prices declined from record highs the year before.
The U.S. Department of Agriculture says in an annual report the value of 2013 field crops fell 9.8 percent to nearly $167 billion from $185 billion in 2012.
The 2012 drought reduced the corn and soybean harvest and drove prices to record highs which resulted in increased crop value.
Friday's report says the average price of corn for 2012 was $6.89 per bushel and the value of the crop that year was $74.3 billion. Last year's average price was $4.50 and the overall value fell to $62.7 billion.
Top crop producers last year were Illinois with crops valued at $16 billion, Iowa at $15.9 billion, and Nebraska at nearly $12 billion.