News

USDA price indices almost unchanged

The USDA’s price indices for April were nearly steady with March.

The index of prices received was up 0.2% as higher prices for hogs, broilers, broccoli, and strawberries canceled out lower moves in milk, market eggs, oranges, and lettuce.

The dairy index for April 2024 was 1% lower than March and 0.5% below April 2023, with an average milk price of $20.50 per hundredweight, a decline of $.20 on the month and $.10 on the year.

The index of prices paid was down 0.2% with decreases for feeder cattle, wages, hay and forages, and complete feeds against increases in cost for milk cows, feeder pegs, gasoline, and nitrogen.

Year-to-year, the USDA’s index of prices received is down 6.3%, while the index of prices paid was up 0.6%, reflecting lower returns for farmers, but with a slower rate of price inflation.

The USDA’s next round of price projections for major commodities is out June 12^th.