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PRICES

December 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-December were higher compared with the entire month of November. Hogs were up 70 cents per cwt, from last month but $11.00 less than the previous year. The price for cows at $35.80 per cwt was $4.80 above a month earlier and $7.50 more than December 1996. Steers and heifers were up $1.00 from last month and $20.50 higher than a year earlier. Calves averaged $3.40 and $27.70 higher than last month and last year respectively.

    Milk prices estimates for December averaged $18.00 per cwt, unchanged from the previous month but 90 cents below a year earlier. Commercial broilers at 33.0 cents per pound were down 3.0 cents from last month and 9.0 cents less than the previous year. Table eggs at 69.0 cents per dozen were up 2.0 cents from November but 11.0 cents below last year.

U.S. PRICE INDEXES

    The All Farm Products Index of Prices Received in December was 104 based on 1990-92 = 100, down 3 points from November. Price decreases from November for wheat, corn, cotton, soybeans, lettuce, hogs, eggs, and poultry more than offset price increases for peanuts, rice, and strawberries. The seasonal changes in the mix of commodities farmers sell also affect the overall Index level. Lower seasonal marketings of corn, peanuts, soybeans, grapes, cattle, and calves more than offset the relatively higher marketings of wheat, hay, tobacco, oranges, lettuce, hogs, and poultry.

    Compared with December 1996, the All Farm Products Index was 6 points (5.5 percent) lower. Price decreases from December 1996 for wheat, corn, cotton, soybeans, oranges, lettuce, hogs, and poultry more than offset price increases for cattle, calves, strawberries, tomatoes, and potatoes.

PRICES PAID INDEX UNCHANGED

    The December 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 November but rose 1 point (0.9 percent) from December 1996. Since November 1997, higher prices for feeder cattle and calves, feed concentrates, agricultural chemicals, diesel fuel, and LP gas, were offset by lower prices for nitrogen fertilizer, gasoline, feeder pigs, feed grains, hay, complete feeds, and feed supplements.

SUMMARY TABLE
Index
1990-92=100
1996     1997
Nov Dec Nov Dec
Prices Received 110 110 107 104
Prices Paid 115 115 116 116
Ratio 1/ 96 96 92 90
1/ Ratio of Index of Prices Received to Prices Paid.


Average price received by farmers 1/
Commodity Unit Florida United States
December
1996
November
1997
December
1997
December
1996
November
1997
December
1997
Meat animals:
    Hogs $ per cwt 47.20 35.50 36.20 55.60 45.10 42.50
    Cows $ per cwt 28.30 31.00 35.80 28.30 31.90 32.70
    Steers & heifers $ per cwt 46.60 66.10 67.10 65.50 68.00 67.50
    Calves $ per cwt 56.10 80.40 83.80 61.80 82.90 83.70
Milk: 2/
    Sold to plants, all $ per cwt 18.90 18.00 18.00 14.30 14.60 14.50
Poultry:
    Com'l broilers Cents per lb. 42.0 36.0 33.0 41.6 34.3 32.1
    Table eggs Cents per doz. 80.0 67.0 69.0 80.0 70.9 68.0
Citrus, on tree:
    Oranges $ per box 3.79 1.52 2.05 3.91 2.15 2.53
    Grapefruit $ per box 1.55 2.16 2.26 1.72 2.49 2.57
    Limes $ per bu. 5.94 2.60 4.88 5.94 2.60 4.88
    Tangerines $ per box 7.06 7.55 6.93 7.58 8.01 7.93
Field crops:
    Potatoes $ per cwt ** ** ** 4.32 5.36 5.21
    Hay, baled $ per ton ** ** ** 90.80 101.00 97.70
    Tobacco, Type 11-37 Cents per lb. ** ** ** 192.5 184.5 191.5
    Peanuts Cents per lb. 17.7 32.3 16.6 28.1 23.6 25.6
    Corn* $ per bu. 2.63 2.51 2.48
    Oats* $ per bu. 1.72 1.62 1.54
    Cotton* Cents per lb. 69.3 67.6 65.5
    Sorghum* $ per cwt 3.93 3.93 3.96
    Soybeans* $ per bu. 6.91 6.85 6.68
    Wheat, Winter* $ per bu. 4.04 3.31 3.25
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 December Index was 110, down 3.5 percent from November and 5.2 percent below December 1996. From November, price decreases for food grains, feed grains and hay, cotton, oilseeds, and lettuce offset price increases for fruits, tobacco, and tomatoes.

Food Grains: The December Index, at 119, was down 2.5 percent from the previous month and 13 percent below December 1996. The December all wheat price, at $3.40 per bushel, was down 10 cent from November and 66 cents below the December 1996 price.

Feed Grains & Hay: The December Index was 111, down 0.9 percent from last month and 4.3 percent below December 1996. The corn price, at $2.48 per bushel, was down 3 cents from November and 15 cents below the December 1996 price. The all hay price, at $97.70 per ton, was down $3.30 per ton from November.

Oil-Bearing Crops: The December Index, at 119, was unchanged from November but 4.0 percent above December 1996. Soybean prices, at $6.68 per bushel, decreased 17 cents from November and were 23 cents below December 1996.

Fruit and Nuts: The December all fruit and nuts Index, at 96, was down 16 percent from the previous month and was 6.8 percent below December 1996. Prices were lower from last month for lemons and pears but higher for apples, oranges, and strawberries. Citrus movement increased seasonally, especially oranges and grapefruit for processing in Florida.

Cotton: The December Index, at 108, was down 3.6 percent from last month and 5.3 percent below December 1996. The December cotton price, at 65.5 cents per pound, was down 2.1 cents from November and 3.8 cents per pound below December 1996. Higher world production and ending stocks contributed to the decreases.

Livestock and Products: The December Index, at 97, was down 1.0 percent from the November Index and down 5.8 percent from December 1996. Compared to a year ago, prices were up for cattle, calves, and milk, but were much lower for hogs, broilers, eggs, and turkeys.

Meat Animals: The December Index, at 87, was down 1.1 percent from last month and 3.3 percent below a year earlier. The December hog price was $42.50 per cwt, down $2.60 from last month and $13.10 below a year ago. The December beef cattle price of $63.20 was down 10 cents from last month but $2.20 above December 1996. Hog prices are reflecting herd expansion with weekly slaughter running 5 to 10 percent above a year earlier during December. Beef cattle prices continue to be pressured by large feedlot supplies.

Dairy Products: The December Index, at 111, was 0.9 percent below November but 1.8 percent above December 1996. The December all milk price, at $14.50 per cwt, was 10 cents below November but 20 cents above a year ago. Strong fluid milk demand seasonally has lent strength to prices, but lower prices for manufacturing milk have weakened prices overall.

Poultry and Eggs: The December Index, at 107, was 5.3 percent below November and 18 percent below a year ago. The December broiler price at 32.1 cents per pound was down 2.2 cents from November, reflecting a seasonal decline plus weak demand in domestic and export trade. Market egg prices decreased 2.9 cents to 68.0 cents per dozen. Supplies of eggs continue to be plentiful. Turkey prices decreased 3.7 cents to 38.6 cents per pound as large cold storage holdings stifled any price increase. The drop in turkey prices between November and December follows the seasonal trend which started in 1992.

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 .42 7 .62 7 .52 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 .56 2 .52 7 .79 6 .72 63 .80 63 .60 54 .70 50 .40
Oct 4 .17 3 .55 2 .88 2 .54 6 .94 6 .50 63 .30 63 .30 55 .60 47 .30
Nov 4 .10 3 .50 2 .66 2 .51 6 .90 6 .85 63 .40 63 .30 54 .40 45 .10
Dec 4 .06 3 .40 2 .63 2 .48 6 .91 6 .68 61 .00 63 .20 55 .60 42 .50
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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