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PRICES
November 3, 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-October were lower compared with the entire month of September. Hogs were down $1.80 per cwt from last month and $5.30 less than the previous year. The price for cows at $32.10 per cwt was 70 cents below a month earlier but $5.30 higher than October 1996. Steers and heifers were down $4.80 from last month but $17.90 more than a year earlier. Calves averaged $5.30 below the previous month but $26.10 more than October 1996.

    Milk price estimates for October averaged $17.00 per cwt, 90 cents above a month earlier but $2.80 less than the previous year. Commercial broilers at 35.0 cents per pound were down 4.0 cents from last month and 8.0 cents lower than October 1996. Table eggs at 47.0 cents per dozen were down 7.0 cents from August and 14.0 cents less than a year earlier.

U.S. PRICE INDEXES

    The All Farm Products Index of Prices Received in October was 108 based on 1990-92=100, up 1 point (0.9 percent) from September. Price increases from September for lettuce, corn, milk, and cauliflower offset price decreases for broilers, hogs, cattle, and wheat. The seasonal changes in the mix of commodities farmers sell also affect the overall Index level. Higher seasonal marketings for soybeans, corn, cotton, and grain sorghum more than offset the relatively lower marketings of milk, wheat, tobacco, and hogs.
These changes account for all of the one point increase in the overall Index.

    Compared with October 1996, the All Farm Products Index was 4 points (3.6 percent) lower. Price decreases from October 1996 for milk, corn, hogs, and broilers more than offset price increases for lettuce, calves, cauliflower, and broccoli

PRICES PAID INDEX UNCHANGED

    The October 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 up 1 point (0.9 percent) from September 1997 and rose 2 points (1.7 percent) from October 1996. Since September 1997, higher prices for feed concentrates, feed grains and hay, complete feeds, and fuels were partially offset by lower prices for replacement livestock and nitrogen fertilizers.

SUMMARY TABLE
Index
1990-92=100
1996     1997
September October Septem ber October
Prices Received 116 112 107 108
Prices Paid 116 115 116 117
Ratio 1 100 97 92 92
1/ Ratio of Index of Prices Received to Prices Paid.

Average prices received by farmers 1/
Commodity Unit Florida United States
October
1996
September
1997
October
1997
October
1996
September
1997
October
1997
Meat animals:
    Hogs $ per cwt 47.90 44.40 42.60 55.60 50.40 47.00
    Cows $ per cwt 26.80 32.80 32.10 30.30 34.40 34.20
    Steers & heifers $ per cwt 49.00 71.70 66.90 68.10 67.00 65.70
    Calves $ per cwt 56.30 87.70 82.40 60.10 86.90 84.70
Milk: 2/
    Sold to plants, all $ per cwt 19.80 16.10 17.00 16.40 13.20 13.60
Poultry:
    Com'l broilers Cents per lb. 43.0 39.0 35.0 39.5 38.5 35.0
    Table eggs Cents per doz. 61.0 54.0 47.0 62.7 57.6 53.2
Citrus, on tree:
    Oranges $ per box ** ** 2.59 10.94 6.95 3.69
    Grapefruit $ per box 5.13 ** 4.39 5.52 4.18 4.15
    Limes $ per bu. 1.03 2.73 0.63 1.03 2.73 0.63
    Tangerines $ per box 8.29 ** 7.12 10.81 ** 7.72
Field crops:
    Potatoes $ per cwt ** ** ** 4.76 5.16 4.86
    Hay, baled $ per ton ** ** ** 93.70 101.00 103.00
    Tobacco, Type 11-37 Cents per lb. 191.5 182.0 180.0 191.0 175.5 179.5
    Peanuts Cents per lb. 24.3 23.9 22.8 25.8 27.1 25.6
    Corn* $ per bu. 2.89 2.52 2.63
    Oats* $ per bu. 1.84 1.48 1.56
    Cotton* Cents per lb. 71.5 69.4 69.0
    Sorghum* $ per cwt 4.37 3.99 4.20
    Soybeans* $ per bu. 6.95 6.72 6.74
    Wheat, Winter* $ per bu. 4.06 3.47 3.42
`
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 October Index was 116, up 1.8 percent from September but 2.5 percent below October 1996. From September, price increases for vegetables, feed grains and hay, and tobacco more than offset price decreases for fruits, food grains, potatoes and dry beans, and oilseeds.

FOOD GRAINS: The October Index, at 123, was down 2.4 percent from the previous month and 12 percent below October 1996. The October all wheat price, at $3.55 per bushel, was down 12 cents from September and 62 cents below the October 1996 price.

FEED GRAINS AND HAY: The October Index was 116, up 1.8 percent from last month but 7.2 percent below October 1996. The corn price, at $2.63 per bushel, was up 11 cents from September but was 26 cents below the October 1996 price. The all hay price, at $103.00 per ton, was up $2.00 from September.

OIL-BEARING CROPS: The October Index, at 115, was up 3.6 percent from September but 2.5 percent below October 1996. Soybean prices, at $6.74 per bushel, increased 2 cents from September but were 21 cents below October 1996.

FRUIT AND NUTS: The October All Fruit and Nuts Index, at 129, was down 4.4 percent from the previous month and was 7.2 percent below October 1996. Lower prices from last month for oranges, lemons, and pears more than offset higher prices for apples, strawberries, and grapes. Florida early season fresh and processing orange shipments were heavy, with prices the lowest since the 1977-78 season.

POTATOES AND DRY BEANS: The October Index, at 84, was down 4.5 percent from September and 7.7 percent below October 1996. The October potato price, at $4.86 per cwt,
was down 30 cents from September but 10 cents per cwt above October 1996.

LIVESTOCK AND PRODUCTS: The October Index, at 95, was down 4.0 percent from September and 7.8 percent below October 1996. Compared to a year ago, prices increased for calves and cows but were lower for cattle, hogs, milk, broilers, eggs, and turkeys.

MEAT ANIMALS: The October Index, at 88, was down 4.3 percent from September and 3.3 percent below October 1996. The October beef cattle price was $62.00, down $1.60 from last month and $1.30 from a year ago. The October hog price of $47.00, was $3.40 below the September price and down $8.60 from a year earlier. Large feedlot inventories and uncertain demand due to safety concerns continued to pressure cattle prices. Hog prices fell in response to increasing supplies of pork and competing meats.

DAIRY PRODUCTS: The October Index at 104, was up 3.0 percent from September, but down 17 percent from October 1996. The October all milk price, at $13.60 per cwt, was up 40 cents from September but down $2.80 from last year. September milk production was up 2.9 percent from last year. Cheese prices were up slightly during October.

POULTRY AND EGGS: The October Index, at 108, was 6.9 percent below September and 11 percent below a year ago. The October broiler price, at 35.0 cents per pound, was down 3.5 cents from September, a seasonal decline with light demand in the retail trade. Market egg prices decreased 4.4 cents to 53.2 cents per dozen. Supplies of eggs continued to be adequate. Turkey prices decreased 0.8 cents to 40.3 cents per pound. Cold storage stocks of turkeys are 7 percent above a year ago, putting downward pressure on prices.

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 .02 3 .09 2 .69 6 .78 7 .13 59 .00 61 .40 42 .60 53 .80
Feb 4 .98 3 .89 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 .10 3 .85 2 .80 7 .43 8 .23 54 .90 64 .80 49 .70 53 .80
May 5 .75 4 .08 4 .14 2 .69 7 .69 8 .40 54 .70 65 .10 56 .80 58 .20
Jun 5 .25 3 .52 4 .20 2 .56 7 .41 8 .16 56 .40 62 .30 56 .40 57 .80
Jul 4 .73 3 .23 4 .43 2 .43 7 .62 7 .53 59 .10 62 .80 58 .60 58 .90
Aug 4 .57 3 .56 4 .30 2 .50 7 .82 7 .25 61 .30 63 .90 59 .70 55 .30
Sep 4 .37 3 .67 3 .55 2 .52 7 .79 6 .72 63 .80 63 .60 54 .70 50 .40
Oct 4 .17 3 .55 2 .89 2 .63 6 .95 6 .74 63 .30 62 .00 55 .60 47 .00
Nov 4 .10 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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