News

USDA ag price indices down on month

U.S. farmers made and paid less in July than they did in June.

The USDA’s index of prices received fell 2.7% on the month on declines in corn, soybeans, lettuce, and broccoli, which canceled out gains in cattle, market eggs, strawberries, and oranges.

The index of prices paid was 0.3% lower on decreases in feeder cattle, feeder pigs, nitrogen, and hay and forages, against increases in milk cows, LP gas, diesel, and complete feeds.

The dairy index for July 2024 was unchanged from June and up 32% from July 2024, with an all milk price of $22.80 per hundredweight, steady on the month and $5.50 higher on the year.

Year-to-year, the index of prices received was down 1.2%, while the index of prices paid was 0.6% lower, reflecting the continued tight margins for many farmers even as some costs come down.

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