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PRICES

March 31, 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-March were mostly higher compared with the entire month of February. Hogs were down $1.30 per cwt from last month but $1.70 more than last year. Cows were up $4.30 and $5.00 per cwt from last month and last year, respectively. Steers and heifers were $3.10 higher than last month and $18.40 more than March 1996. Calves averaged $5.60 more than a month earlier and $29.60 more than the previous year.

    Milk price estimates for March averaged $16.80 per cwt, 40 cents above a month earlier and 20 cents more than the previous year. Commercial broilers at 42.0 cents per pound was unchanged from last month but 7.0 cents more than a year earlier. Table eggs at 57.0 cents per dozen were down 6.0 cents from February and 10.0 cents less than March 1966.

U.S. PRICE INDEXES

    The All Farm Products Index of Prices Received in March was 108 based on 1990-92=100, up 3 points (2.9 percent) from February. Price increases from February for cattle, soybeans, corn, and tomatoes more than offset price decreases for eggs, hogs, broilers, and grapefruit. The seasonal changes in the mix of commodities farmers sell also affect the overall Index level. Higher seasonal marketings of tomatoes, milk, soybeans, and strawberries

more than offset the relatively lower marketings of cattle, cotton corn, and oranges. These changes contributed one point of the three point increase in the overall Index.

    Compared with March 1996, the All Farm Products Index was 1 point (0.9 percent) lower. Price decreases from March 1996 for corn, wheat, eggs, and potatoes more than offset price increases for cattle, soybeans, broilers, and hay.

PRICES PAID INDEX UNCHANGED

    The March 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 unchanged from February but 2 points (1.8 percent) above March 1996. Since February, higher prices for feed grains, concentrates, feeder livestock, and fertilizers were offset by lower agricultural chemical and fuel prices.


SUMMARY TABLE
Index
1990-92=100
1996     1997
Feb Mar Feb Mar
Prices Received 106 109 105 108
Prices Paid 113 114 116 116
Ratio 1 94 96 91 93
1/ Ratio of Index of Prices Received to Prices Paid.


Average prices received by farmers 1/
Commodity Unit Florida United States
March
1996
February
1997
March
1997
March
1996
February
1997
March
1997
Meat animals:
    Hogs $ per cwt 41.90 44.90 43.60 48.70 52.80 49.00
    Cows $ per cwt 32.40 33.10 37.40 31.40 33.30 36.50
    Steers & heifers $ per cwt 45.60 60.90 64.00 60.20 65.20 64.50
    Calves $ per cwt 53.50 77.50 83.10 59.40 74.90 79.50
Milk: 2/
    Sold to plants, all $ per cwt 16.60 16.40 16.80 13.70 13.50 13.60
Poultry:
    Com'l broilers Cents per lb. 35.0 42.0 42.0 33.7 39.1 38.0
    Table eggs Cents per doz. 67.0 63.0 57.0 71.1 65.4 60.5
Citrus, on tree:
    Oranges $ per box 5.23 3.35 3.13 5.20 3.60 3.88
    Grapefruit $ per box 1.44 2.06 0.28 1.46 2.12 0.71
    Limes $ per bu. ** 12.24 ** ** 12.24 **
    Tangerines $ per box 14.81 7.83 10.24 9.33 8.73 10.41
Field crops:
    Potatoes $ per cwt 23.90 24.00 20.00 7.51 4.55 5.28
    Hay, baled $ per ton ** ** ** 80.10 105.0 108.0
    Tobacco, Type 11-37 Cents per lb. ** ** ** 174.5 205.5 190.0
    Peanuts Cents per lb. ** ** ** ** ** **
    Corn* $ per bu. 3.51 2.65 2.78
    Oats* $ per bu. 2.04 1.81 1.80
    Cotton* Cents per lb. 76.8 68.2 69.1
    Sorghum* $ per cwt 6.51 4.17 4.49
    Soybeans* $ per bu. 7.00 7.38 7.95
    Wheat, Winter* $ per bu. 5.06 3.90 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 March Index was 119, up 5.3 percent from February but 7.8 percent below March 1996. From February, price increases for vegetables, feed grains and hay, and oilseeds more than offset price declines for fruits and tobacco.

FEED GRAINS & HAY: The March Index was 124, up 4.2 percent from last month but 15 percent below March 1996. Corn prices, at $2.78 per bushel, were up 13 cents from February but were 73 cents below the March 1996 price. The all hay price was up $3.00 per ton from last month.

OIL-BEARING CROPS: The March Index, at 141, was up 7.6 percent from February and 13 percent above March 1996. Soybean prices, at $7.95 per bushel, increased 57 cents from February. Continued tight supplies have held prices up.

FOOD GRAINS: The March Index, at 136, was up 1.5 percent from the previous month but 16 percent below March 1996. The March all wheat price, at $3.96 per bushel, was up 8 cents from February but $1.11 below the March 1996 price.

FRUIT AND NUTS: The March all fruit and nuts Index, at 91, decreased 1.1 percent from the previous month and was 12 percent below March 1996. Lower prices for grapefruit, apples, and lemons accounted for the decline.

COTTON: The March Index, at 114, was up 0.9 percent from February but 10 percent below March 1996. The March cotton price, at 69.1 cents per pound, was up 0.9 cent from February but 7.7 cents below March 1996.

LIVESTOCK AND PRODUCTS: The March Index, at 98, was unchanged from February but up 5.4 percent from March 1996. Prices received for cattle, calves, hogs, and broilers were up from a year ago, while milk, turkey, and egg prices were down.

MEAT ANIMALS: The March Index, at 92, was up 2.2 percent from last month and 11 percent above March 1996. The March beef cattle price, at $64.40, was up $2.50 from February and $7.60 above a year earlier. The March hog price of $49.00 was down $3.80 from February, but up 30 cents from March 1996. Fed cattle prices were supported by anticipated fast food specials and lower slaughter weights that helped hold down beef production. Hog prices dropped from February as slaughter volumes rose to, or above, year earlier levels.

DAIRY PRODUCTS: The March Index, at 104, was 1.0 percent above February but 1.0 percent below last year. The March all milk price, at $13.60 per cwt, was 10 cents above February, but 10 cents below last year. February milk production was up 2 percent from a year ago on a daily basis. The cheese market remains steady in March while fluid milk prices moved up.

POULTRY AND EGGS: The March Index, at 111, was 5.9 percent below February and 0.9 percent below a year ago. The March broiler price, at 38.0 cents per pound decreased 1.1 cents from February. Market eggs decreased 4.9 cents to 60.5 cents per dozen. Turkeys increased 1.4 cents to 37.8 cents per pound. Supplies of broilers and eggs are expanding.


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 4 .03 3 .09 2 .69 6 .78 7 .13 59 .00 61 .40 42 .60 53 .80
Feb 4 .98 3 .88 3 .37 2 .65 7 .00 7 .38 57 .90 61 .90 46 .50 52 .80
Mar 5 .07 3 .96 3 .51 2 .78 7 .00 7 .95 56 .80 64 .40 48 .70 49 .00
Apr 5 .32 3 .85 7 .43 54 .90 49 .70
May 5 .75 4 .14 7 .69 54 .70 56 .80
Jun 5 .25 4 .20 7 .41 56 .40 56 .40
Jul 4 .73 4 .43 7 .62 59 .10 58 .60
Aug 4 .58 4 .30 7 .82 61 .30 59 .70
Sep 4 .37 3 .55 7 .79 63 .80 54 .70
Oct 4 .18 2 .89 6 .95 63 .30 55 .60
Nov 4 .14 2 .66 6 .90 63 .40 54 .40
Dec 4 .06 2 .63 6 .91 61 .00 55 .60
1/ Cows, steers, and heifers.
2/ Current month prices are mid-month; prices for previous months are for the entire month.