May ag price indices narrowly mixed

There were fractional changes for the USDA’s price indices in May.

The index of prices received was up 0.9% from April thanks to gains in corn, cattle, milk, and oranges, against losses in market eggs, onions, broccoli, and strawberries.

The dairy index was up 7.4% from April and 15% from May 2023, with an all milk price of $22 per hundredweight, a jump of $1.50 on the month and $2.90 on the year.

The index of prices paid was down .2% as decreases in feeder pigs, LP gas, diesel, and potash and phosphate mostly canceled out increases for feeder cattle, hay and forages, concentrates, and mixed fertilizer.

Year-to-year, the index of prices received fell 2.7%, while the index of prices paid was .2% lower, reflecting the slight decline in costs and continued lower profitability for some producers.

The USDA’s next set of price projections is out July 12th.

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