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PRICES

February 4, 1997

USDA, National Agricultural Statistics Service   |  1222 Woodward Street   |  Orlando, Florida 32803   |  407 / 648-6013


PRICES RECEIVED BY FLORIDA FARMERS

    Prices received by cattle producers in mid-January were mostly higher compared with the entire month of December. Hogs were down $1.90 per cwt from last month but $7.20 more than last year. Cows were $1.00 more than the previous month but $2.70 less than January 1996. Steers and heifers were up $4.10 and $4.90 per cwt from last month and last year, respectively. Calves averaged $3.90 more than a month earlier and $5.50 more than the previous year.

    Milk price estimates for January averaged $16.50 per cwt, $2.40 less than the previous month, and 50 cents lower than a year earlier. Commercial broilers at 42.0 cents per pound was unchanged from last month but 4.0 cents more than the previous year. Table eggs at 58.0 cents per dozen were down 22.0 cents from December and 3.0 cents below January 1996.

U.S. PRICE INDEXES

    The All Farm Products Index of Prices Received in January was 108 based on 1990-92=100, down 2 points (1.8 percent) from December. Price declines from December for lettuce, eggs, milk, and hogs more than offset price increases for soybeans, cattle, hay, and calves. The seasonal changes in the mix of commodities farmers sell also affect the overall Index level. However, these changes were essentially offsetting in January.

    Compared with January 1996, the All Farm Products Index was unchanged. Price increases from January 1996 for hogs, cattle, soybeans, and lettuce were offset by price decreases for corn, wheat, cotton, and potatoes.

PRICES PAID INDEX UP 1 POINT

    The January Index of Prices Paid for Commodities and Services, Interest, Taxes, and Farm Wage Rates (PPITW) was 116 percent of the 1990-92 average. The Index was up 1 point (0.9 percent) from December and 3 points (2.7 percent) above January 1996. Since December 1996, higher prices for feeder cattle and calves, concentrate feeds, nitrogen fertilizers, hay, and LP gas more than offset price declines for complete feeds, milk cows, mixed fertilizers, and potash/phosphorus.


SUMMARY TABLE
Index
1990-92=100
1995     1996 1997
Dec Jan Dec Jan
Prices Received 108 108 110 108
Prices Paid 1/ 112 113 115 116
Ratio 2/ 96 96 96 93
1/ Prices Paid Indexes (1990-92=100) published monthly beginning January 1996. Indexes for 1995 were constructed for historical comparison.
2/ Ratio of Index of Prices Received to Prices Paid.


Average prices received by farmers 1/
Commodity Unit Florida United States
January
1996
December
1996
January
1997
January
1996
December
1996
January
1997
Meat animals:
    Hogs $ per cwt 38.10 47.20 45.30 42.30 55.60 53.40
    Cows $ per cwt 32.00 28.30 29,30 32.00 28.30 27.90
    Steers & heifers $ per cwt 45.80 46.60 50.70 62.60 65.50 65.80
    Calves $ per cwt 54.50 56.10 60.00 61.80 61.80 67.00
Milk: 2/
    Sold to plants, all $ per cwt 17.00 18.90 16.50 14.00 14.10 13.60
Poultry:
    Com'l broilers Cents per lb. 38.0 42.0 42.0 37.4 41.6 40.4
    Table eggs Cents per doz. 61.0 80.0 58.0 70.2 80.0 65.8
Citrus, on tree:
    Oranges $ per box 3.83 3.33 3.46 3.97 3.54 3.72
    Grapefruit $ per box 1.68 1.91 1.81 1.87 2.26 2.07
    Limes $ per bu. 6.86 1.61 12.08 6.86 1.61 12.08
    Tangerines $ per box ** 7.26 6.55 10.83 7.57 7.26
Field crops:
    Potatoes $ per cwt ** ** ** 6.53 4.26 4.22
    Hay, baled $ per ton ** ** ** 79.50 95.90 99.70
    Tobacco, Type 11-37 Cents per lb. ** ** ** 190.0 192.5 197.5
    Peanuts Cents per lb. ** 17.7 ** 29.8 25.6 28.6
    Corn* $ per bu. 3.09 2.63 2.63
    Oats* $ per bu. 1.93 1.72 1.83
    Cotton* Cents per lb. 76.4 69.4 69.9
    Sorghum* $ per cwt 5.77 3.94 3.97
    Soybeans* $ per bu. 6.78 6.91 7.16
    Wheat, Winter* $ per bu. 4.80 4.04 3.97
1/ Eggs and hay estimates are midmonth prices. Prices for the latest month are midmonth estimates for grains and soybeans, and mostly first half of month for meat animals. Other estimates are for the entire month.
2/ Before deductions for hauling and government withholding, and includes quantity and other premiums, but excludes hauling subsidies.
* Only marketing year average prices estimated for Florida, except oats and sorghum which are not estimated.
** Not estimated this month.


HIGHLIGHTS--U.S. PRICES RECEIVED INDEXES

ALL CROPS: The January Index was 115, down 0.9 percent from December and 5.0 percent below January 1996. From December, price declines for vegetables, fruits, and feed grains more than offset price increases for oilseeds, food grains, and hay.

FEED GRAINS AND HAY: The January Index was 116, unchanged from last month but 13 percent below January 1996. Corn prices, at $2.63 per bushel, were unchanged from December but were 46 cents below the January 1996 price. Barley prices declined from last month. Hay and sorghum prices were above last month.

OIL-BEARING CROPS: The January Index, at 127, was up 2.4 percent from December and 5.8 percent above January 1996. Soybean prices, at $7.16 per bushel, increased 25 cents from December. Expected tighter supplies at the end of the marketing year was the major factor in the price increase. Peanut prices were also up from last month.

FOOD GRAINS: The January Index, at 135, was down 1.5 percent from the previous month, and 15 percent below January 1996. The January all wheat price, at $3.97 per bushel, was down 9 cents from December and 86 cents below the January 1996 price. Projected increases in global production continue to cause domestic prices to fall.

FRUIT AND NUTS: The January All Fruit and Nuts Index, at 95, decreased 11 percent from the previous month but was 1.1 percent above January 1996. Lower prices for almonds, apples, and pears more than offset increased prices for oranges and strawberries.

COTTON: The January Index, at 115, was unchanged from December but 8.7 percent below January 1996. The January cotton price, at 69.9 cents per pound, was up 0.5 cents from December but 6.5 cents below January 1996.

LIVESTOCK AND PRODUCTS: The January Index, at 99, was down 3.9 percent from December but 5.3 percent above a year earlier. Broiler, egg, turkey, jog, and milk prices were down while cattle prices were up.

MEAT ANIMALS: The January Index, at 89, was 1.1 percent below December but 8.5 percent above a year ago. The January cattle price, at $61.20 per cwt, was 50 cents above December and $2.10 above a year ago. The January hog price at $53.40 per cwt, was down $2.20 from December but was $11.10 above last year. Fed cattle supplies are still large. Market supplies for hogs are picking up after several weeks of disruptions by major winter storms.

DAIRY PRODUCTS: The January Index, at 104, was 3.7 percent below December and 2.8 percent below last year. The January all milk price, at $13.60 per cwt, was 50 cents below December. Large cheese supplies and weaker fluid milk demand led to lower prices.

POULTRY AND EGGS: The January Index, at 122, was 6.2 percent below December but 3.4 percent above a year ago. Broilers decreased 1.2 cents to 40.4 cents per pound. Eggs decreased 11.9 cents to 75.8 cents per dozen. Turkeys decreased 5.0 cents to 38.6 cents per pound. Poultry and egg demand declines seasonally after the holiday season.


Prices received for Selected Agricultural Commodities, by months,
United States, 1996 and 1997
Month All wheat Corn Soybeans Beef cattle 1/ All hogs
1996 1997 2/ 1996 1997 2/ 1996 1997 2/ 1996 1997 2/ 1996 1997 2/
Dollars per bushel Dollars per cwt
Jan 4 .83 3 .97 3 .09 2 .63 6 .78 7 .16 59 .10 57 .20 42 .30 53 .40
Feb 4 .98 3 .37 7 .00 57 .90 46 .40
Mar 5 .07 3 .51 7 .00 56 .70 48 .60
Apr 5 .32 3 .85 7 .43 54 .80 49 .70
May 5 .75 4 .14 7 .69 54 .60 56 .70
Jun 5 .26 4 .20 7 .41 56 .10 56 .20
Jul 4 .73 4 .43 7 .62 58 .90 58 .70
Aug 4 .58 4 .30 7 .82 60 .30 59 .70
Sep 4 .37 3 .55 7 .79 63 .70 54 .70
Oct 4 .18 2 .89 6 .95 63 .10 55 .60
Nov 4 .14 2 .66 6 .90 63 .20 54 .40
Dec 4 .06 2 .63 6 .91 60 .70 55 .60
1/ Cows, steers, and heifers.
2/ Current month prices are mid-month; prices for previous months are for the entire month.