Agricultural prices trended upward in 2021

Prices for agricultural commodities tend to vary from year to year, but they remained relatively stable for both crops and livestock for a four-year period from 2016 through 2019. In 2020, aggregate crop prices jumped 18 percent and continued to rise another 14 percent year-over-year in 2021 to the highest levels on record. While crop prices rose at the beginning of the COVID-19 pandemic, livestock prices initially fell 6 percent in 2020. Prices received for livestock rebounded in 2021 as strong demand pushed prices up 17 percent from the previous year to the highest aggregate prices seen since 2015.

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