News

Farm income up August, input costs lower

U.S. farm income shot higher in August as input costs moved lower.

The USDA says the index of prices received by farmers was up 3.8% from July on increases for milk, market eggs, strawberries, and peaches, which canceled out decreases in corn, soybeans, cotton, and broilers.

The  dairy index for August 2024 was up 3.5% from July and 20% from August 2023, with an all milk price of $23.60 per hundredweight, a jump of $.80 on the month and $4.00 on the year.

The index of prices paid was down 0.9% from the previous month on losses in feeder cattle, feed grains, diesel, and nitrogen against gains in feeder pigs, phosphate, and potash.

The month-to-month changes did help improve the bottom line of some farmers and year-to-year, the index of prices received had a rise of 1.8% while the index of prices paid fell 1.4%.

The USDA’s updated supply and demand projections are out October 11^th.