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PRICES

June 2, 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-May were higher compared with the entire month of April. Hogs were up $6.60 and $4.90 per cwt from last month and last year, respectively. The price for cows at $37.50 per cwt was 70 cents more than a month earlier and $6.80 higher than May 1996. Steers and heifers were $2.00 more the previous month and $29.30 higher than a year earlier. Calves averaged $3.80 above a month earlier and $45.80 more than the previous year.

    Milk price estimates for May averaged $16.10 per cwt, 20 cents below a month earlier and 40 cents less than a year earlier. Commercial broilers at 37.0 cents per pound were down 2.0 cents from last month and 1.5 cents less than May 1996. Table eggs at 55.0 cents per dozen were down 2.0 cents from April but 8.0 cents more than May 1996.

U.S. PRICE INDEXES

    The All Farm Products Index of Prices Received in May was 107 based on 1990-92=100, up 1 point (0.9 percent) from April. Price increases from April for hogs, strawberries, cattle, and lemons were offset by price decreases for lettuce, milk, corn, and broilers. The seasonal changes in the mix of commodities farmers sell also affect the overall Index level. Higher seasonal marketings of cantaloupes,
sweet corn, grapes, and wheat more than offset the relatively lower marketings of cattle, milk, cotton, and corn. These changes contributed virtually all of the one point increase in the overall Index.
    Compared with May 1996, the All Farm Products Index was 5 points (4.5 percent) lower. Price decreases from May 1996 for corn, wheat, milk, and potatoes more than offset price increases for cattle, soybeans, hay, and calves.

PRICES PAID INDEX UNCHANGED

    The May Index of Prices Paid for Commodities and Services, Interest, Taxes, and Farm Wage Rates (PPITW) was 117 percent of the 1990-92 average. The Index was unchanged from April but was 2 points (1.7 percent) above May 1996. Since April, higher prices for feeder cattle and calves were offset by slightly lower feeder pig, and feed prices.


SUMMARY TABLE
Index
1990-92=100
1996     1997
Apr May Apr May
Prices Received 108 112 106 107
Prices Paid 114 115 117 117
Ratio 1 95 97 91 91
1/ Ratio of Index of Prices Received to Prices Paid.


Average prices received by farmers 1/
Commodity Unit Florida United States
May
1996
April
1997
May
1997
May
1996
April
1997
May
1997
Meat animals:
    Hogs $ per cwt 47.60 45.90 52.50 56.80 53.80 58.00
    Cows $ per cwt 30.70 36.80 37.50 30.40 38.20 38.10
    Steers & heifers $ per cwt 39.70 67.00 69.00 57.60 67.90 68.80
    Calves $ per cwt 46.30 88.30 92.10 54.40 82.20 83.40
Milk: 2/
    Sold to plants, all $ per cwt 16.50 16.30 16.10 14.30 13.40 13.10
Poultry:
    Com'l broilers Cents per lb. 38.5 39.0 37.0 37.8 37.1 36.4
    Table eggs Cents per doz. 47.0 57.0 55.0 56.9 53.2 51.1
Citrus, on tree:
    Oranges $ per box 6.61 4.38 3.66 6.63 4.65 4.76
    Grapefruit $ per box 2.47 0.59 -0.25 3.22 1.16 -0.14
    Limes $ per bu. ** ** 3.00 ** ** 3.00
    Tangerines $ per box ** 12.83 ** 7.76 7.81 **
Field crops:
    Potatoes $ per cwt 9.70 13.00 9.45 8.09 4.55 4.87
    Hay, baled $ per ton ** ** ** 95.50 117.00 118.00
    Tobacco, Type 11-37 Cents per lb. ** ** ** ** ** **
    Peanuts Cents per lb. ** ** ** ** ** **
    Corn* $ per bu. 4.14 2.80 2.68
    Oats* $ per bu. 2.48 1.87 1.81
    Cotton* Cents per lb. 76.7 67.3 66.6
    Sorghum* $ per cwt 7.65 4.34 4.16
    Soybeans* $ per bu. 7.69 8.23 8.42
    Wheat, Winter* $ per bu. 5.81 4.14 4.14
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 May Index was 117, up 1.7 percent from April but 11 percent below May 1996. From April, price increases for fruits, oilseeds, and potatoes and dry beans more than offset price decreases for vegetables, feed grains and hay, and food grains.

FEED GRAINS AND HAY: The May Index was 124, down 2.4 percent from last month and 27 percent below May 1996. The corn price, at $2.68 per bushel, was down 12 cents from April and $1.46 below the May 1996 price. The all hay price, at $118.00 per ton, was up $1.00 from April.

OIL-BEARING CROPS: The May Index, at 150, was up 2.7 percent from April and 9.5 percent above May 1996. Soybean prices, at $8.42 per bushel, increased 19 cents from April.

FOOD GRAINS: The May Index, at 138, was down 1.4 percent from the previous month , and 25 percent below May 1996. The May all wheat price, at $4.09 per bushel, was down 2 cents from April and $1.66 below the May 1996 price.

FRUIT AND NUTS: The May all fruit and nuts Index; at 106, increased 20 percent from the previous month but was 9.4 percent below May 1996. Higher prices for strawberries, lemons, oranges, and pears accounted for the May increase.

POTATOES AND DRY BEANS: The May Index, at 90, was up 7.1 percent from April but 35 percent below May 1996. The May potato price, at $4.87 per cwt, was up 32 cents from April but $3.22 below May 1996. New season potato prices increased as a result of heavy rainstorms in the Hastings, Florida area. Prices for fall potatoes continue to decline.

LIVESTOCK AND PRODUCTS: The May Index, at 100, was up 1.0 percent from April and 3.1 percent higher than in May 1996. Prices received for cattle, calves, and hogs were up from a year ago, while prices declined for milk, broilers, eggs, and turkeys.

MEAT ANIMALS: The May Index, at 97, was up 3.2 percent from April and 14 percent above May 1996. The May beef cattle price, at $65.60 per cwt, was up 80 cents from last month and $10.90 from a year earlier. The May hog price of $58.00 was up $4.20 from April and $1.20 higher than a year ago. Fed cattle and beef cow prices were steady to down slightly because of large supplies of cattle on feed, while shrinking supplies of lighter weight cattle led to higher feeder prices. Hog prices were supported by smaller than expected slaughter and prospects for export growth.

DAIRY PRODUCTS: The May Index, at 100, was down 2.9 percent from April and was 8.3 percent below last year. The May all milk price, at $13.10 per cwt, was down 30 cents from April, and $1.20 below last year. April milk production was up 0.8 percent from last year. Cheese prices continued to weaken during May.

POULTRY AND EGGS: The May Index, at 106, was 0.9 percent below April and 8.6 percent below a year ago. The May broiler price at 36.4 cents per pound decreased 0.7 cents from April. Market egg prices decreased 2.1 cents to 51.1 cents per dozen. Turkeys increased 1.7 cents to 41.2 cents per pound. Supplies of broilers and eggs continue to be large. Cold storage holdings of turkeys decreased and placements are running 5 percent below a year ago.


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 .93 3 .51 2 .79 7 .00 7 .97 56 .80 64 .80 48 .70 49 .40
Apr 5 .32 4 .11 3 .85 2 .80 7 .43 8 .23 54 .90 64 .80 49 .70 53 .80
May 5 .75 4 .09 4 .14 2 .68 7 .69 8 .42 54 .70 65 .60 56 .80 58 .00
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.


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