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PRICES
February 3, 1998

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 mixed compared with the entire month of December. Hogs were down $6.80 and $15.95 per cwt, from last month and last year, respectively. The price for cows at $36.70 per cwt was $3.70 above a month earlier and $6.60 more than December 1997. Steers and heifers were down $3.80 from the previous month but $9.40 higher than a year earlier. Calves averaged $3.40 more than December 1997 and $20.30 above the previous year.

    Milk prices estimates for January averaged $18.00 per cwt, 10 cents more than a month earlier and $1.40 higher than last year. Commercial broilers at 34.0 cents per pound were up 1.0 cent from last month but 8.0 cents less than a year earlier. Table eggs at 56.0 cents per dozen were down 13.0 cents from December and 2.0 cents below last year.

U.S. PRICE INDEXES

    The All Farm Products Index of Prices Received in January was 103 based on 1990-92 = 100, down 2 points from December. Price decreases from December for hogs, tomatoes, cattle, and eggs more than offset price increases for lettuce, corn, broilers, and snap beans. 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 1997, the All Farm Products Index was 5 points (4.6 percent) lower. Price decreases from January 1997 for hogs, broilers, wheat, and soybeans more than offset price increases for lettuce, milk, calves, and potatoes.

PRICES PAID INDEX UNCHANGED

    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 unchanged from December and January 1997. Since December 1997, higher prices for feed supplements, feed grains, other hay, and insecticides were offset by lower prices for fuels, replacement livestock, nitrogen fertilizer, complete feeds, and feed concentrates.


SUMMARY TABLE
Index
1990-92=100
1996 1997 1998
Dec Jan Dec Jan
Prices Received 109 108 105 103
Prices Paid 115 116 116 116
Ratio 1/ 95 93 91 89
1/ Ratio of Index of Prices Received to Prices Paid.


Average price received by farmers 1/
Commodity Unit Florida United States
January
1997
December
1997
January
1998
January
1997
December
1997
January
1998
Meat animals:
    Hogs $ per cwt 45.35 36.20 29.40 53.80 41.60 36.40
    Cows $ per cwt 30.10 33.00 36.70 30.00 33.00 34.00
    Steers & heifers $ per cwt 54.00 67.20 63.40 65.20 66.80 65.30
    Calves $ per cwt 66.70 83.60 87.00 68.10 83.30 83.20
Milk: 2/
    Sold to plants, all $ per cwt 16.60 17.90 18.00 13.40 14.60 14.60
Poultry:
    Com'l broilers Cents per lb. 42.0 33.0 34.0 40.4 32.1 33.1
    Table eggs Cents per doz. 58.0 69.0 56.0 65.8 68.0 62.5
Citrus, on tree:
    Oranges $ per box 3.60 2.05 2.46 3.97 2.53 2.58
    Grapefruit $ per box 1.72 2.26 1.39 1.84 2.57 1.79
    Limes $ per bu. 16.56 4.88 5.94 16.56 4.88 5.94
    Tangerines $ per box 7.54 6.93 10.67 9.38 7.93 10.66
Field crops:
    Potatoes $ per cwt ** ** ** 4.23 5.40 5.49
    Hay, baled $ per ton ** ** ** 97.90 97.70 98.10
    Tobacco, Type 11-37 Cents per lb. ** ** ** 193.0 192.0 188.5
    Peanuts Cents per lb. ** *** ** ** 26.9 28.4
    Corn* $ per bu. 2.69 2.52 2.57
    Oats* $ per bu. 1.83 1.56 1.55
    Cotton* Cents per lb. 67.9 63.8 62.6
    Sorghum* $ per cwt 4.03 3.94 4.15
    Soybeans* $ per bu. 7.13 6.71 6.56
    Wheat, Winter* $ per bu. 4.03 3.25 3.13
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.
*** Price not published to avoid disclosure of individual buyers.


HIGHLIGHTS--U.S. PRICES RECEIVED INDEXES

All Crops: The January Index was 111, unchanged from December but 4.3 percent below January 1997. From December, price increases for vegetables, feed grains and hay, and potatoes and dry beans offset price decreases for fruits, food grains, oilseeds, and cotton.

Food Grains: The January Index, at 117, was down 1.7 percent from the previous month and 15 percent below January 1997. The January all wheat price, at $3.33 per bushel, was down 12 cents from December and 69 cents below the January 1997 price.

Feed Grains & Hay: The January Index was 113, up 0.9 percent from last month but 4.2 percent below January 1997. The corn price, at $2.57 per bushel, was up 5 cents from December but was 12 cents below the January 1997 price. The all hay price, at $98.10 per ton, was up 40 cents from December.

Oil-Bearing Crops: The January Index, at 117, was down 1.7 percent from December and 7.9 percent below January 1997. Soybean prices, at $6.56 per bushel, decreased 15 cents from December and were 57 cents below January 1997.

Fruit and Nuts: The January all fruit and nuts Index, at 77, was down 13 percent from the previous month and was 20 percent below January 1997. Lower prices from last month for strawberries, apples, grapefruit, and lemons more than offset higher prices for oranges. Citrus movement increased seasonally, especially oranges and grapefruit for processing in Florida.

Cotton: The January Index, at 103, was down 1.9 percent from last month and 8.0 percent below January 1997. The January cotton price, at 62.6 cents per pound, was down 1.2 cents from December and 5.3 cents per pound below January 1997. The falling prices were a result of Asian buyers defaulting on existing contracts.

Livestock and Products: The January Index, at 94, was down 3.1 percent from the December Index and 4.1 percent from January 1997. Compared with a year ago, prices were up for beef cattle, calves, and all milk, but were lower for hogs, broilers, eggs, and turkeys.

Meat Animals: The January Index, at 83, was down 4.6 percent from last month and 7.8 percent below a year earlier. The January hog price was $36.40 per cwt, down $5.20 from December and $17.40 below a year ago. The January beef cattle price of $61.80 per cwt was down $1.10 from last month but 40 cents above January 1997. Hog slaughter for January is running 10 to 12 percent above a year ago. Beef cattle prices continue to be pressured by large feedlot supplies.

Dairy Products: The January Index, at 112, was unchanged from December but 8.7 percent above January 1997. The January all milk price, at $14.60 per cwt, was unchanged from December, but up $1.20 from last year. December milk production was up 0.9 percent from last year. Prices remain steady for both fluid and manufacturing milk.

Poultry and Eggs: The January Index, at 105, was 1.9 percent below December and 13.9 percent below a year ago. The January broiler price at 33.1 cents per pound was up 1.0 cent from Decem ber, with steady to strong demand in some regions. Market egg prices decreased 5.5 cents to 62.5 cents per dozen. Egg supplies are plentiful with December production up 1 percent from a year earlier. Turkey prices decreased 3.1 cents to 35.5 cents per pound. Cold storage holdings above a year ago pressured prices.


Prices received for Selected Agricultural Commodities, by months,
United States, 1997 and 1998
Month All wheat Corn Soybeans Beef cattle 1/ All hogs
1997 1998 2/ 1997 1998 2/ 1997 1998 2/ 1997 1998 2/ 1997 1998 2/
Dollars per bushel Dollars per cwt
Jan 4 .02 3 .33 2 .69 2 .57 7 .13 6 .56 61 .40 61 .80 53 .80 36 .40
Feb 3 .98 2 .65 7 .38 61 .90 52 .80
Mar 3 .93 2 .79 7 .97 64 .80 49 .40
Apr 4 .10 2 .80 8 .23 64 .80 53 .80
May 4 .08 2 .69 8 .40 65 .10 58 .20
Jun 3 .52 2 .56 8 .16 62 .30 57 .80
Jul 3 .23 2 .42 7 .52 62 .80 58 .90
Aug 3 .56 2 .50 7 .25 63 .90 55 .30
Sep 3 .67 2 .52 6 .72 63 .60 50 .40
Oct 3 .55 2 .54 6 .50 63 .30 47 .30
Nov 3 .50 2 .51 6 .85 63 .30 45 .10
Dec 3 .45 2 .52 6 .71 62 .90 41 .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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