The preliminary farm value of Michigan field crops produced in 2022 was $4.90 billion, down 1 percent from 2021. Higher prices across most commodities were coupled with lower yields which resulted in lower total value of production in 2022, according to Marlo D. Johnson, Director of the USDA NASS, Great Lakes Regional Office.
Some Michigan highlights from the Crop Values Annual Summary report follow:
- Corn for grain value increased 4 percent to $2.12 billion in 2022. The average price was $6.30 per bushel.
- Soybean value of $1.55 billion was up 1 percent from 2021. The average price was $14.70 per bushel.
- Wheat value decreased 5 percent to $269 million. The average price was $7.80 per bushel.
- Dry bean value, $234 million, was up 6 percent from last year. The average price was $45.60 per cwt.
Nationally:
- U.S. corn for grain value increased 1 percent to $91.7 billion in 2022.
- Soybean value in the U.S. was up 3 percent to $61.1 billion.
- U.S. all wheat value increased 20 percent to 15 billion.
Categories: Michigan, Crops, Corn