Million Dollar Farms in the New Century

By 2006, million dollar farms, accounting for 2 percent of all U.S. farms, dominated U.S. production of high-value crops, milk, hogs, poultry, and beef. The shift to million-dollar farms is likely to continue because they tend to be more profitable than smaller farms, giving them a competitive advantage. Most million dollar farms (84 percent) are family farms, that is, the farm operator and relatives of the operator own the business. This book examines the growth of production from million-dollar farms since the 1980's and explores the current role of these farms in U.S. commercial agriculture, including their share of farms, their production of specific commodities, and their receipt of Government payments.