July Agricultural Prices Show Increases

July Agricultural Prices Show Increases

Corn is up $3.35 per bushel from last year.

USDA, NASS, Michigan Field Office  recently released the prices received by Michigan farmers for the full month of June 2011 and mid-month prices as of July 15. Some Michigan highlights were: corn $6.90 per bushel, up $0.13 from June and up $3.35 from last year; soybeans $13.20 per bushel, up $0.10 from last month; milk, at $22.80 per cwt, up $1.20 from last month, and up $6.10 from last year. Winter wheat at $6.27 per bushel is up from last year's price of $5.48. Dry edible beans is at $40.60 per hundredweight, an increase of $7.70 from a year earlier.

U.S.  preliminary  All  Farm  Products  Index  of  Prices  Received  by  Farmers  in  July,  at  181 %,  based  on  1990-1992=100, increased 2 points (1.1%) from June. The Crop Index is down 1 point (0.5%) but the Livestock Index increased 3 points (2%). Producers received higher prices for cattle, milk, cantaloupes, and corn and lower prices for broilers, wheat, broccoli, and carrots.

In addition to prices, the overall index is also affected by the seasonal change based  on  a  3-year  average  mix  of commodities  producers  sell.  Increased monthly marketings  of  wheat,  grain sorghum, hay, and tomatoes offset decreased marketings of milk, potatoes, cantaloupes, and strawberries.

The preliminary All-Farm Products Index is up 43 points (31%) from July 2010. The Food Commodities Index, at 172, increased 2 points (1.2%) from last month and 34 points (25%) from July 2010.

The  July  Index  of  Prices  Paid  for  Commodities  and  Services,  Interest,  Taxes,  and  Farm  Wage  Rates  (PPITW)  is  206% of the 1990-1992 average. The index is up 2 points (1.0%) from June and 25 points (14%) above July 2010.

Higher prices in July for feeder cattle, nitrogen, complete feeds, and hay & forages more than offset lower prices for diesel, supplements, and gasoline.

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