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PRICES
June 1, 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-May were mixed compared with the entire month of April. Hogs were up $2.40 per cwt from last month but down $15.83 from a year ago. The price for cows at $37.30 per cwt was unchanged from last month and last year. Steers and heifers were down $4.90 from a month earlier and 70 cents less than May 1997. Calves were down $4.00 and $2.50 per cwt from last month and last year, respectively.

    Milk price estimates for May averaged $16.50 per cwt, 50 cents less than a month earlier but 30 cents higher than last year. Commercial broilers at 38.0 cents per pound were 1.0 cent above last month and 0.8 cent more than last year. Table eggs at 40.0 cents per dozen were 9.0 cents lower than the previous month and 8.0 cents less than May 1997.

U.S. PRICE INDEXES

    The All Farm Products Index of Prices Received in May was 103 based on 1990-92=100, down 1 point (1.0 percent) from April. Price decreases from April for lettuce, milk, eggs, and broccoli more than offset price increases for hogs, tomatoes, potatoes, 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 peaches more than offset
the relatively lower marketings of cattle, milk, cotton, and apples. These changes in marketings limited the decline in the Index.

    Compared with May 1997, the All Farm Products Index was 5 points (4.6 percent) lower. Price decreases from May 1997 for hogs, soybeans, corn, and wheat more than offset price increases for milk, tomatoes, lettuce, and potatoes.

PRICES PAID INDEX UNCHANGED

    The May 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 April 1998 but 2 points (1.7 percent) below May 1997. Since April, lower prices for feed concentrates, feeder cattle, complete feeds, feed supplements, nitrogen fertilizer, and feed grains were offset by higher prices for diesel fuel, gasoline, mixed fertilizers, feeder pigs, and alfalfa hay.


SUMMARY TABLE
Index
1990-92=100
    1997 1998
Apr May Apr May
Prices Received 106 108 104 103
Prices Paid 117 118 116 116
Ratio 1/ 91 92 90 89
1/ Ratio of Index of Prices Received to Prices Paid.


Average price received by farmers 1/
Commodity Unit Florida United States
May
1997
April
1998
May
1998
May
1997
April
1998
May
1998
Meat animals:
    Hogs $ per cwt 52.20 34.00 36.40 58.20 35.60 41.80
    Cows $ per cwt 37.30 37.30 37.30 38.20 36.20 36.50
    Steers & heifers $ per cwt 69.90 74.10 69.20 68.30 66.30 65.70
    Calves $ per cwt 92.70 94.20 90.20 84.30 90.80 89.60
Milk: 2/
    Sold to plants, all $ per cwt 16.20 17.00 16.50 12.70 14.00 13.40
Poultry:
    Com'l broilers Cents per lb. 37.2 37.0 38.0 36.8 36.5 36.9
    Table eggs Cents per doz. 48.0 49.0 40.0 50.6 49.6 39.0
Citrus, on tree:
    Oranges $ per box 4.44 5.59 5.35 5.15 5.82 5.68
    Grapefruit $ per box -0.17 0.37 0.28 0.21 1.36 0.42
    Limes $ per bu. 2.19 15.31 4.06 2.19 15.31 4.06
    Tangerines $ per box 11.97 14.20 ** 11.56 12.87 0.16
Field crops:
    Potatoes $ per cwt 11.00 20.30 13.30 5.26 6.17 6.70
    Hay, baled $ per ton ** ** ** 109.00 101.00 103.00
    Tobacco, Type 11-37 Cents per lb. ** ** ** ** 169.5 **
    Peanuts Cents per lb. ** ** ** ** ** **
    Corn* $ per bu. 2.69 2.41 2.36
    Oats* $ per bu. 1.86 1.61 1.48
    Cotton* Cents per lb. 68.3 62.2 62.1
    Sorghum* $ per cwt 4.18 3.76 3.67
    Soybeans* $ per bu. 8.40 6.26 6.28
    Wheat, Winter* $ per bu. 4.09 2.94 2.89
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 May Index was 113, down 1.7 percent from April and 3.4 percent below May 1997. From April, price decreases for vegetables, feed grains and hay, fruits, and food grains more than offset price increases for potatoes and dry beans and oilseeds.

FOOD GRAINS: The May Index, at 109, was down 2.7 percent from the previous month and 22 percent below May 1997. The May all wheat price, at $3.07 per bushel, was down 8 cents from April and $1.01 below the May 1997 price.

FEED GRAINS & HAY: The May Index was 108, down 0.9 percent from last month and 11 percent below May 1997. The corn price, at $2.36 per bushel, was down 5 cents from April and 33 cents below the May 1997 price. The all hay price, at $103.00 per ton, was up $2.00 from April.

OIL-BEARING CROPS: The May Index, at 112, was unchanged from April but 25 percent below May 1997. Soybean prices, at $6.28 per bushel, increased 2 cents from April but were $2.12 below May 1997.

POTATOES AND DRY BEANS: The May potatoes and dry beans Index, at 115, was up 8.5 percent from the previous month and up 22 percent from May 1997. Increased movement from last month for new crop potatoes in Florida and California resulted in an increase in overall potato prices.

COMMERCIAL VEGETABLES: The May Index, at 126, was down 19 percent from last month but 16 percent above May 1997. Lower prices from last month for lettuce, broccoli, asparagus, and onions more than offset higher prices for tomatoes and celery. Crops for which plantings were delayed due to weather conditions are now coming to market resulting in lower prices.

LIVESTOCK AND PRODUCTS: The May Index, at 95, was unchanged from the April Index but down 5.0 percent from May 1997. Compared with a year ago, prices were up for calves, all milk, and broilers but were lower for hogs, beef cows, steers and heifers, eggs, and turkeys.

MEAT ANIMALS: The May Index, at 87, was up 3.6 percent from last month but down 10 percent from a year earlier. The May hog price was $41.80 per cwt, up $6.20 from April but $16.40 below a year ago. The May beef cattle price, of $62.50, was down 50 cents from last month and $2.60 below May 1997. Beef cattle prices were down slightly due to heavier slaughter weights which continue to keep stocks in cold storage well above a year ago.

DAIRY PRODUCTS: The May Index, at 103, was down 3.7 percent from April but was 6.2 percent above May 1997. The May all milk price, at $13.40 per cwt, was down 60 cents from April but up 70 cents from last year. April milk production was up 1.0 percent from last year. May prices decreased for both fluid and manufacturing grade milk. Cheese prices decreased during the month of May.

POULTRY AND EGGS: The May Index, at 107, was 1.8 percent below April and 4.5 percent below a year ago. The May broiler price, at 36.9 cents per pound, was up 0.4 cents from April, reflecting a seasonal increase in demand. A decrease in domestic demand for eggs along with a weak export market lowered market egg prices 10.6 cents from April to 39.0 cents per dozen. Turkey prices decreased 0.3 cent to 35.4 cents per pound. Cold storage holdings of turkey continue to be above last year.

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 .89 3 .27 2 .65 2 .55 7 .38 6 .57 61 .90 60 .40 52 .80 35 .70
Mar 3 .93 3 .32 2 .79 2 .54 7 .97 6 .40 64 .80 61 .30 49 .40 34 .80
Apr 4 .10 3 .15 2 .80 2 .41 8 .23 6 .26 64 .80 63 .00 53 .80 35 .60
May 4 .08 3 .07 2 .69 2 .36 8 .40 6 .28 65 .10 62 .50 58 .20 41 .80
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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