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Commodity Costs and Returns: Data
Contents
 

U.S and Regional Cost and Return Estimates for the Most Recent 2 Years, 2009-10

These estimates are presented for the United States and ERS Farm Resource Regions for most commodities and are updated biannually with preliminary estimates released during the first week of May and final estimates released during the first week of October.

Commodity

Recent Costs and Returns, United States and ERS Farm Resource Regions, New Format and Regions

The estimates are presented in ExcelExcel file spreadsheets for different periods that correspond to changes in the survey base year. Users can choose among the different periods by selecting the tabs displayed at the bottom of the spreadsheets.

These estimates were made using the format and methods endorsed by the AAEA task force on commodity costs and returns, and incorporating ERS Farm Resource Regions.

Commodity
Region

Historical Costs and Returns, United States and ERS Production Regions, Old Format and Regions

These estimates date from 1975 and use the previous format and methods and regional definitions. In some cases the time series is broken into different periods due to changes in the accounting methods, account structure, and the adding or deleting of regions. The production regions were defined to include States or areas with similar resource characteristics and where similar practices were used to produce the commodity.

Commodity
Region

Cost-of-Production Forecasts

Cost-of-Production ForecastsExcel file—In addition to the time series of historical cost and return accounts, cost-of-production forecasts for major field crops are available. The forecasts are developed as a part of the USDA Baseline projections to help develop projected net returns for major field crops. These long-term baseline projections provide a starting point for discussion of alternative outcomes for the agricultural sector under expected or proposed future policies. Cost-of-production is only forecast at the national level and would differ considerably among regions, individual farmers, and by size of operation.

Monthly Milk Costs of Production


Since January 2006, the Economic Research Service (ERS) has based its monthly State-level milk cost of production (COP) estimates on 2005 Agricultural Resource Management Survey (ARMS) data.  A January 2011 examination of the monthly estimates raised questions about the continued validity of the estimates, given recent volatility in the price of dairy feed. Questions about the calculation of the monthly State-level estimates, and the timing, availability, and representativeness of the data used were raised within ERS.  As a result, publication of the series was suspended until ERS initiated an expert review process and received comments and recommendations on the monthly milk COP estimation procedures.   

On the basis of reviewers’ comments, ERS is taking the following actions.

  1. Discontinue the estimation of monthly State-level milk COP estimates.  The lack of monthly State-level input price data compromises the ability to provide accurate monthly estimates.
  2. Continue publishing annual national and regional milk COP estimates.  Annual national estimates of milk COP have been mandated in successive Farm Bill legislation since 1973.
  3. Publish annual State-level milk COP estimates based on NASS’s annual State-level input price data.  These estimates reflect differences in input market conditions across States.
  4. Publish annually updated milk COP estimates by size of operation based on information drawn from ARMS data and NASS’s annual State-level input price data.  Expert reviewers noted the importance of having data that show milk cost differences by size of operation.
  5. Publish monthly milk COP estimates for the nation using the most recent national ARMS milk COP per hundredweight and NASS’s monthly, national input price indices.   In the absence of monthly State-level prices, this is the only valid monthly series that can be estimated.

For 2-4, the estimates will be updated biannually, with preliminary estimates released in May of the subsequent year and final estimates released in October.  For example, 2010 preliminary estimates are available in May 2011 and final estimates in October 2011.  National monthly milk COP estimates will be updated near the end of each subsequent month.

 


Milk Cost of Production Estimates
Last Updated
Next Update
Monthly
November 28, 2011 December 27, 2011
Annual
October 3, 2011 May 1, 2012
October 3, 2011 May 1, 2012

Previously published monthly milk COP estimates by State are available from January 2003 through December 2010. Note: These estimates are presented as a historical record only and should not be used for analytical purposes. We recommend that national monthly and annual State-level or size-based milk COP estimates starting in 2005, available above, be used as the basis for milk cost of production calculations.
For more information, contact: William McBride

Web administration: webadmin@ers.usda.gov
Updated date: November 28, 2011