Market News

A little more profit for farmers in May

The preliminary All Farm Products Index of Prices Received by Farmers from USDA shows farmers got 2.2 percent more for their products in May compared to April. The Crop Index was up 0.7 percent while the Livestock Index increased 3.1 percent.

For the Crop Index, farmers received more for hay, fruits and nuts which was enough to more than offset lower prices for wheat, soybeans, sorghum, cotton and vegetables. Corn prices were unchanged from April at $3.41 per bushel, soybeans were down 19 cents at $9.28, and the all wheat price was 3 cents lower at $4.39 per bushel while sorghum grain slipped 8 cents from April to average $5.31 per hundredweight. All hay was $116 per ton, up $7.00.

On the livestock side, hog, beef, milk, poultry and egg prices were all higher than a month ago. The May hog price averaged $62.30 per hundredweight, up $5.80 from April. Beef were 80 cents higher at $96.50. Broilers were 3 cents higher and turkeys were up 1.4 cents.

The May all milk price comes in at $15.00 per hundredweight, up 40 cents from April and $3.40 above a year ago. Fluid grade price is 40 cents higher than April while manufacturing grade increased 20 cents per hundred.

The Index of Prices Paid by Farmers in May was unchanged from April. Higher prices for nitrogen, mixed fertilizers, diesel, hay and forages offset lower prices for feeder cattle, feeder pigs, complete feeds and concentrates.

Compared to a year ago, the prices received by farmers are up 8.5 percent while the prices paid increased 1.7 percent from last May.

Read the full NASS report here: