The total value of Iowa’s field and other crops fell 19 percent in 2013, primarily due to the sharp drop in corn prices.
The U.S. Department of Agriculture reported the value of Iowa’s crops was $15.9 billion last year, compared with $19.5 billion in 2012. The value of corn production totaled $9.94 billion, down 23 percent from $13 billion the previous year, even though corn production was up 15 percent.
Iowa’s corn price averaged $4.60 per bushel, a decrease of $2.32 from the last marketing year.
The value of soybean production was $5.26 billion in 2013, down 12 percent from $5.96 billion the previous year. Average soybean prices dropped $1.60 from $14.40 per bushels in 2012 to $12.80 per bushel last year.
Nationally, the total value of field and other crops also fell in 2013, according to the USDA. The value of field and other crops was $166.9 billion in 2013, down 9.8 percent from $185.1 billion the previous year.
Corn prices averaged $4.50 per bushel nationally, a decrease of $2.39 from the previous year.
The value of U.S. soybean production was $41.8 billion in 2013, down 12 percent from $43.6 billion the previous year. Average soybean prices nationally dropped $1.70 from $14.40 per bushels in 2012 to $12.70 per bushel last year.
Hay production was one of the bright spots in 2013, according to the USDA. The total value for all U.S. hay was $20.2 billion in 2013, up 5.76 percent from $19.1 billion in 2012.