U.S. farmers spent far less on agriculture production in 2015 compared to 2014, according to the Department of Agriculture’s National Agricultural Statistics Service. A new report shows farmers spent $362.8 billion on agricultural production in 2015, down 8.8 percent from 2014, reversing a long-term trend of growing costs. Feed and farm services, the two largest expenditure categories for U.S. farmers in 2014, both declined 8.2 percent Farmland values have dropped for only the second time since the 1980s farm crisis prompted a wave of foreclosures. The Department of Agriculture last week issued a report that shows farmland values in the lower 48 states declined $10 to average $3,010 per acre.

Cropland values declined one percent to average $4,090 per acre, while pastureland was unchanged at $1,330 per acre. Lower farm income over the last few years had not impacted land values until recently. Bloomberg reports the trend in land prices is likely to be similar to the 1980s, when

South Korean officials say inspectors have not found any unapproved genetically modified wheat following tests of imports from the Pacific Northwest.

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