News

Farm income declined in July

Farmers made less money in July than they did in June.

The USDA says the index of prices received by farmers for July fell 2.1% with declines in corn, hay, milk, and broilers more than canceling out gains in soybeans, hogs, lettuce, and strawberries.

The dairy index for July 2023 was down 2.8% from June and 32% from July 2022, with an all milk price of $17.40 per hundredweight, a drop of $.50 on the month and $8.10 on the year.

The index of prices paid was up 0.1% with higher moves in feeder cattle, concentrates, LP gas, and diesel offsetting lower costs for feed grains, hay and forages, complete feeds, and nitrogen.

Year-to-year, the USDA’s index of prices received dropped 7%, reflecting the losses experienced by some producers, while the index of prices paid was unchanged with easing inflation in parts of the industry.