mi-press-releases

News Release
NR-12-74
November 1, 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

October Agricultural Prices

Prices received by Michigan farmers for the full month of September 2012 and 
mid-month prices as of October 15, 2012 are listed in the table below. 
According to Jay Johnson, Director of the USDA, NASS, Michigan Field Office, 
grain prices continued to be buoyed by concerns over drought impacted crops.

Some Michigan highlights were: October corn at $7.05 per bushel, is up $0.13 
from September and up $1.25 from last year; October soybeans at $14.00 per 
bushel, is up $0.50 from last month and up $2.40 from last year; October milk 
at $21.20 per cwt, is up $1.50 from last month, and up $0.10 from last year. 

The U.S. preliminary All Farm Products Index of Prices Received by Farmers in 
October, at 210 percent, based on 1990-1992=100, increased 17 points (8.8 
percent) from September. The Crop Index is up 15 points (6.7 percent) but the 
Livestock Index increased 4 points (2.6 percent). Producers received higher 
prices for milk, hogs, grapes and corn and lower prices for eggs, apples, 
lettuce, and soybeans.  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 soybeans, corn, grain sorghum, 
and cottonseed offset the decreased marketing of wheat, milk, cattle, and 
grapes.

The October Index of Prices Paid for Commodities and Services, Interest, 
Taxes, and Farm Wage Rates (PPITW) is 220 percent of the 1990-1992 average. 
The index is up 2 points (0.9 percent) from September and 15 points (7.3 
percent) above October 2011. Higher prices in October for complete feeds, 
concentrates, nitrogen, and feeder cattle offset lower prices for mixed 
fertilizer, supplements, gasoline, and diesel.

                Prices received by farmers, October 2012                
------------------------------------------------------------------------
                        :       :   Michigan    :     United States     
                        :       :---------------------------------------
        Commodity       : Unit  :  Oct  :  Sep  :  Oct  :  Oct  :  Sep  
                        :       :2011 1/:2012 1/:2012 2/:2011 1/:2012 1/
------------------------------------------------------------------------
                        :                    Dollars                    
                        :                                               
Beans, dry edible....Cwt: 45.80   40.70   34.80   41.60   38.20   35.20 
Corn..................Bu:  5.80    6.92    7.05    5.73    6.89    6.95 
Hay, all.............Ton:111.00  165.00  197.00  185.00  187.00  193.00 
Oats..................Bu:  4.16     (D)     (D)    3.69    3.76    3.75 
Potatoes.............Cwt: 10.10    9.85   10.40    7.46    7.20    6.92 
Soybeans..............Bu: 11.60   13.50   14.00   11.80   14.30   14.20 
Wheat, winter.........Bu:  6.26    8.38    8.25    6.53    8.25    8.31 
........................:                                               
Milk, all............Cwt: 21.10   19.70   21.20   20.00   19.60   21.10 
------------------------------------------------------------------------
1/  Entire month weighted average price.                                
2/  Mid-month price.                                                    
(D) Withheld to avoid disclosure for individual operations