On Dec. 15, the Mississippi State University Extension Service released new research on the value of Mississippi crops for 2016. Soybeans were the most profitable crop this year, topping $1 billion in value.
Cotton came in second place with an estimated value of $442 million. Corn was third among the row crops, totaling $436 million for 2016. However, other crops also significantly contributed to farm values this year, such as peanuts, rice, and sweet potatoes.
"Agriculture's reach in the state goes well beyond just the value of the goods produced," said Brian Williams, an agricultural economist with the Mississippi State University Extension Service. "The ag industry helps support many of our small towns across the state, as producers purchase inputs at the local co-op, buy new vehicles at the local car dealer or hire a local accountant to help with taxes."
Weather, insects, disease, market prices, and input costs all impacted the numbers for 2016, but these factors affect farmers each year.
“Farmers must be risk managers, knowing that some years will bring positive revenues and others significant losses primarily due to low prices and or yields,” said Keith Coble, head of the MSU Department of Agricultural Economics. “Farmers survive by using risk management tools and other strategies, such as self-insurance through savings, and others do better than average at keeping costs low.”
Peanuts reached $27 million this year, while sweet potatoes were valued at $116 million. Rice topped both in its value at $139 million.