Agricultural Productivity

You may have gathered that I was attending the Farm Futures Business Summit in St. Louis the past few days.  The Farm Futures people always put on an excellent program. I have a bit of material for additional blogs, but the chart below represents the most interesting bit of information presented.  David Oppendahl of the Federal Reserve Bank in Chicago presented it during his talk on "Ag's future from the Fed point of view."
The information below shows that agricultural outputs have grown 2.5 times since 1948, while inputs have stayed almost the same the whole time.  Figures are adjusted for inflation in terms of 1948 values.