U.S. Crop Values Jump 22% to Record on 2010 Price Gain
U.S. crop values surged 22 percent last year to a record as the world recovered from global recession, increasing demand for American supplies and pushing grain and oilseed prices higher.
The value of all crops was $192.5 billion, up from $158.4 billion in 2009, the U.S. Department of Agriculture said today in a report. Field crops including corn and soybeans jumped to $159.7 billion from $126.7 billion. Fruits and nuts rose to $20.2 billion from $18.7 billion, while commercial vegetable harvests were valued at $12.6 billion, down from $13 billion.
Corn held its place as the biggest domestic crop, valued at a record $66.7 billion, up 43 percent from $46.7 billion in 2009, according to the USDA, which also revised its 2009 figures in today’s report.
Soybeans were the second-most valuable at $38.9 billion, up 21 percent from $32.1 billion, the USDA said. Hay fell 2.1 percent to $14.4 billion, while wheat surged 22 percent to $13 billion from $10.7 billion, according to the report.
The U.S. cotton crop was valued at $7.3 billion last year, up 93 percent, as the price of futures traded in New York rose 92 percent. California was the top agricultural producer, with crops valued at $22.7 billion, followed by Iowa and Illinois.
To contact the reporters on this story: Alan Bjerga in Nairobi at firstname.lastname@example.org; .
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.