mi-press-releases News Release NR-12-59 September 4, 2012 U.S. Department of Agriculture National Agricultural Statistics Service Michigan Field Office Michigan Department of Agriculture Post Office Box 30239 Lansing, MI 48909-6248 Phone: (517) 324-5300 Facsimile: (517) 324-5299 E-mail: nass-mi@nass.usda.gov Web site: www.nass.usda.gov Jay V. Johnson, Director August Agricultural Prices Prices received by Michigan farmers for the full month of July 2012 and mid- month prices as of August 15, 2012 are listed in the table below. According to Jay Johnson, Director of the USDA, NASS, Michigan Field Office, "Higher grain prices continue to be supported by the drought." Michigan highlights were: August corn at $7.95 per bushel, is up $0.32 from July and up $0.73 from last year; August soybeans at $15.90 per bushel, is up $0.40 from last month and up $2.60 from last year; August milk at $18.20 per cwt, is up $1.10 from last month, and down $5.00 from last year. U.S. All Farm Products Index of Prices Received by Farmers in August, at 192 percent, based on 1990-1992=100, increased 2 points (1.1 percent) from July. The Crop Index is up 3 points (1.3 percent) and the Livestock Index increased 3 points (2.0 percent). Producers received higher prices for corn, milk, eggs and soybeans. Lower prices were received for hogs, onions, potatoes, 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 movement of cattle, barley, sweet corn, and calves offset the decreased marketing of wheat, hay, corn, and strawberries. The preliminary All Farm Products Index is up 8 points (4.3 percent) from August 2011. The Food Commodities Index, at 177, increased 1 point (0.6 percent) from last month and increased 3 points (1.7 percent) from August 2011. The August Index of Prices Paid for Commodities and Services, Interest, Taxes, and Farm Wage Rates (PPITW) is 216 percent of the 1990-1992 average. The index is up 3 points (1.4 percent) from July and 11 points (5.4 percent) above August 2011. Prices received by farmers, August 2012 ------------------------------------------------------------------------ : : Michigan : United States : :-----------------------:----------------------- Commodity :Unit : Aug : Jul : Aug : Aug : Jul : Aug : :2011 1/:2012 1/:2012 2/:2011 1/:2012 1/:2012 2/ ------------------------------------------------------------------------ : : Dollars : : Beans, dry edible : Cwt : (D) 43.10 (D) 34.00 45.80 43.00 Corn : Bu : 7.22 7.63 7.95 6.88 7.14 7.54 Hay, all : Ton :106.00 137.00 163.00 179.00 184.00 184.00 Oats : Bu : 3.27 4.14 4.10 3.20 3.70 3.64 Potatoes : Cwt : 9.65 11.20 10.60 10.47 9.29 8.23 Soybeans : Bu : 13.30 15.50 15.90 13.40 15.40 15.90 Wheat, winter : Bu : 6.97 7.86 8.40 7.27 7.79 7.96 : : Milk, all : Cwt : 23.20 17.10 18.20 22.10 16.90 17.80 ------------------------------------------------------------------------ (D) Withheld to avoid disclosing data for individual operations. 1/ Entire month weighted average price. 2/ Mid-month price.