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PRICES
March 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-February were higher compared with the entire month of January. Hogs were up $1.60 per cwt from last month but down $13.50 from a year ago. The price for cows at $37.20 per cwt was $2.20 above a month earlier and $4.10 more than February 1997. Steers and heifers were up $2.40 and $13.30 per cwt from last month and last year, respectively. Calves averaged $2.00 above the previous month and $11.70 higher than February 1997.

    Milk price estimates for February averaged $17.70 per cwt, 30 cents more than a month earlier and $1.30 higher than last year. Commercial broilers at 35.0 cents per pound were up 1.0 cent above last month but 7.0 cents less than a year earlier. Table eggs at 52.0 cents per dozen were down 4.0 cents from January and 11.0 cents below last year.

U.S. PRICE INDEXES

    The All Farm Products Index of Prices Received in February was 100 based on 1990-92=100, down 3 points (2.9 percent) from January. Price decreases from January for lettuce, cattle, corn, and eggs more than offset price increases for oranges, broilers, toma toes, and onions. The seasonal changes in the mix of commodities farmers sell also affect the overall Index level. Lower seasonal marketings of corn, soybeans, tobacco, and cotton more than offset
the relatively higher marketings of milk, cattle, broilers, and hogs. These changes contributed one point of the three point decrease in the overall Index.

    Compared with February 1997, the All Farm Products Index was 5 points (4.8 percent) lower. Price decreases from February 1997 for hogs, broilers, cattle, and corn more than offset price increases for milk, onions, potatoes, and calves.

PRICES PAID INDEX DOWN

    The February Index of Prices Paid for Commodities and Services, Interest, Taxes, and Farm Wage Rates (PPITW) was 115 percent of the 1990-92 average. The Index was down 0.9 percent from both January 1998 and February 1997. Since January, lower prices for feed concentrates, fuels, complete feeds, corn, nitrogen fertilizers, and other hay more than offset slightly higher prices for feed supplements, agricultural chemicals, mixed fertilizers, and feeder pigs.


SUMMARY TABLE
Index
1990-92=100
    1997 1998
Jan Feb Jan Feb
Prices Received 108 105 103 100
Prices Paid 116 116 116 115
Ratio 1/ 93 91 89 87
1/ Ratio of Index of Prices Received to Prices Paid.


Average price received by farmers 1/
Commodity Unit Florida United States
February
1997
January
1998
February
1998
February
1997
January
1998
February
1998
Meat animals:
    Hogs $ per cwt 44.90 29.80 31.40 52.80 36.00 35.30
    Cows $ per cwt 33.10 35.00 37.20 33.30 34.50 35.90
    Steers & heifers $ per cwt 60.90 71.80 74.20 65.20 66.10 63.70
    Calves $ per cwt 77.50 87.20 89.20 74.90 86.60 88.10
Milk: 2/
    Sold to plants, all $ per cwt 16.40 17.40 17.70 13.50 14.70 14.70
Poultry:
    Com'l broilers Cents per lb. 42.0 34.0 35.0 39.1 33.1 34.4
    Table eggs Cents per doz. 63.0 56.0 52.0 65.4 62.5 51.1
Citrus, on tree:
    Oranges $ per box 3.60 2.46 3.33 3.98 2.58 3.53
    Grapefruit $ per box 1.24 1.39 0.82 1.32 1.79 1.61
    Limes $ per bu. 19.06 5.94 7.81 19.06 5.94 7.81
    Tangerines $ per box 8.83 10.67 8.247 9.57 10.66 8.15
Field crops:
    Potatoes $ per cwt 24.00 33.00 31.00 4.50 5.55 5.78
    Hay, baled $ per ton ** ** ** 102.00 98.10 97.20
    Tobacco,
     Type 11-37
Cents per lb. ** ** ** 191.0 192.0 196.0
    Peanuts Cents per lb. ** ** ** ** 24.7 **
    Corn* $ per bu. 2.65 2.56 2.50
    Oats* $ per bu. 1.81 1.59 1.59
    Cotton* Cents per lb. 68.1 60.8 61.1
    Sorghum* $ per cwt 4.17 4.02 4.07
    Soybeans* $ per bu. 7.38 6.69 6.63
    Wheat, Winter* $ per bu. 3.90 3.16 3.15
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 February Index was 108, down 1.8 percent from January and 4.4 percent below February 1997. From January, price decreases for vegetables, feed grains and hay, and oilseeds more than offset price increases for fruits, food grains, tobacco, and potatoes and dry beans.

Food Grains: The February Index, at 119, was up 2.6 percent from the previous month but 11 percent below February 1997. The February all wheat price, at $3.36 per bushel, was up 3 cents from January but 53 cents below the February 1997 price.

Feed Grains & Hay: The February Index was 112, down 0.9 percent from last month and 5.1 percent below February 1997. The corn price, at $2.50 per bushel, was down 6 cents from January and was 15 cents below the February 1997 price. The all hay price, at $97.20 per ton, was down 90 cents from January.

Oil-Bearing Crops: The February Index, at 118, was down 0.8 percent from January and 9.9 percent below February 1997. Soybean prices, at $6.63 per bushel, decreased 6 cents from January and were 75 cents below February 1997.

Fruits and Nuts: The February all fruit and nuts Index, at 86, was up 12 percent from the previous month but was 6.5 percent below February 1997. Higher prices from last month for oranges more than offset lower prices for apples, lemons, and grapefruit. In Florida, citrus movement was seasonal, with more processing grapefruit and less processing oranges moving.

Cotton: The February Index, at 101, was up 1.0 percent from last month but 9.8 percent below February 1997. The February cotton price, at 61.1 cents per pound, was up 0.3 cent from January but 7.0 cents per pound below February 1997.

Livestock and Products: The February Index, at 93, was down 1.1 percent from the January Index and 5.1 percent from February 1997. Compared with a year ago, prices were up for beef cows, calves, and all milk, but were lower for steers and heifers, hogs, broilers, eggs, and turkeys.

Meat Animals: The February Index, at 81, was down 3.6 percent from last month and 10 percent from a year earlier. The February hog price was $35.30 per cwt, down 70 cents from January and $17.50 below a year ago. The February beef cattle price of $60.00 was down $2.50 from last month and $1.90 below February 1997. Hog slaughter is running about 10 percent above a year ago during February. Beef cattle prices continue to be under pressure because of weak export demand and large feedlot inventories. Price declines have led to a slower marketing pace and increased slaughter weights which in turn places even more downward pressure on beef cattle prices.

Dairy Products: The February Index, at 113, was unchanged from January but was 9.7 percent above February 1997. The February all milk price, at $14.70 per cwt, was unchanged from January, but up $1.20 from last year. January milk production was up 2.0 percent from last year. Prices remain steady for both fluid and manufacturing milk.

Poultry and Eggs: The February Index, at 104, was 1.0 percent below January and 12 percent below a year ago. The February broiler price at 34.4 cents per pound was up 1.3 cents from January, with steady to strong demand in some regions. Softening domestic demand and the weak export market decreased market egg prices 11.4 cents to 51.1 cents per dozen. Turkey prices decreased 1.5 cents to 34 cents per pound. Cold storage holdings of turkey remain high.


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 .56 7 .13 6 .69 61 .40 62 .50 53 .80 36 .00
Feb 3 .98 3 .36 2 .65 2 .50 7 .38 6 .63 61 .90 60 .00 52 .80 35 .30
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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