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PRICES
August 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-July were lower compared with the entire month of June. Hogs were down $3.90 per cwt from last month and $16.20 less than the previous year. The price for cows at $33.70 per cwt was $1.90 lower than a month earlier and $4.30 below last year. Steers and heifers were down $4.10 and $18.20 per cwt from last month and last year, respectively. Calves were down $5.50 from the previous month and $23.00 less than July 1997.

    Milk price estimates for July averaged $15.80 per cwt, 20 cents less than a month earlier but 10 cents higher than last year. Commercial broilers at 45.0 cents per pound were 4.0 cents higher than last month and 4.6 cents more than a year earlier. Table eggs at 37.0 cents per dozen were 4.0 less than the month before and 11.0 cents less than July 1997.

U.S. PRICE INDEXES

    The All Farm Products Index of Prices Received in July was 102 based on 1990-92=100, unchanged from June. Price increases from June for broilers, tomatoes, lettuce, and milk offset price decreases for cattle, hogs, wheat, and corn. The seasonal changes in the mix of commodities farmers sell also affect the overall Index level; however, these changes were essentially offsetting in July.

    Compared with July 1997, the All Farm Products Index was 5 points (4.7 percent) lower. Price decreases from July 1997 for hogs, wheat, cattle, and soybeans more than offset price increases for milk, tomatoes, broilers, and peaches.

PRICES PAID INDEX UNCHANGED

    The July 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 unchanged from June 1998 but 2 points (1.7 percent) below July 1997. Since June, lower prices for feeder cattle, diesel fuel, feed grains, feed supplements, feeder pigs, complete feeds, and hay were offset by higher prices feed concentrates, fertilizers, herbicides, and insecticides.

SUMMARY TABLE
Index
1990-92=100
    1997 1998
June July June July
Prices Received 107 107 102 102
Prices Paid 117 117 115 115
Ratio 1/ 91 91 89 89
1/ Ratio of Index of Prices Received to Prices Paid.


Average price received by farmers 1/
Commodity Unit Florida United States
July
1997
June
1998
July
1998
July
1997
June
1998
July
1998
Meat animals:
    Hogs $ per cwt 51.50 39.20 35.30 58.90 42.20 36.10
    Cows $ per cwt 38.00 35.60 33.70 38.20 36.10 34.40
    Steers & heifers $ per cwt 78.30 64.20 60.10 65.40 64.50 60.70
    Calves $ per cwt 94.00 76.50 71.00 86.90 81.70 78.10
Milk: 2/
    Sold to plants, all $ per cwt 15.70 16.00 15.80 12.10 14.00 14.30
Poultry:
    Com'l broilers Cents per lb. 40.4 41.0 45.0 40.0 40.3 43.2
    Table eggs Cents per doz. 48.0 41.0 37.0 52.5 44.9 43.2
Citrus, on tree:
    Oranges $ per box ** 5.94 ** 6.64 6.41 5.85
    Grapefruit $ per box ** ** ** 8.58 3.58 3.66
    Limes $ per bu. 3.41 4.59 6.43 3.41 4.59 6.43
    Tangerines $ per box ** ** ** ** ** **
Field crops:
    Potatoes $ per cwt ** 10.60 ** 5.60 6.04 6.15
    Hay, baled $ per ton ** ** ** 98.40 91.80 88.60
    Tobacco, Type 11-37 Cents per lb. 155.5 ** ** 158.5 ** **
    Peanuts Cents per lb. ** ** ** ** ** **
    Corn* $ per bu. 2.42 2.28 2.11
    Oats* $ per bu. 1.68 1.39 1.34
    Cotton* Cents per lb. 67.5 68.5 68.2
    Sorghum* $ per cwt 3.95 3.96 3.62
    Soybeans* $ per bu. 7.52 6.15 6.13
    Wheat, Winter* $ per bu. 3.16 2.68 2.50
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 July Index was 107, unchanged from June but 6.1 percent below July 1997. From June, price increases for vegetables and potatoes and dry beans offset price decreases for feed grains and hay, food grains, fruit and nuts, and oilseeds.

FOOD GRAINS: The July Index, at 89, was down 7.3 percent from the previous month and 20 percent below July 1997. This is the lowest the Index has been since July 1991. The July all wheat price, at $2.57 per bushel, was down 20 cents from June and 66 cents below the July 1997 price.

FEED GRAINS AND HAY: The July Index was 99, down 5.7 percent from last month and 12 percent below July 1997. The corn price, at $2.11 per bushel, was down 17 cents from June and 31 cents below the July 1997 price. The all hay price, at $88.60 per ton, was down $3.20 from June.

OIL-BEARING CROPS: The July Index, at 110, was down 0.9 percent from June and 18 percent below July 1997. Soybean prices, at $6.13 per bushel, decreased 2 cents from June and were $1.39 below July 1997.

POTATOES AND DRY BEANS: The July potatoes and dry beans Index, at 108, was up 2.9 percent from the previous month and up 8.0 percent from July 1997. Higher prices for 1998 spring and summer potatoes more than offset lower prices for last season's fall potatoes in Idaho.

COMMERCIAL VEGETABLES: The July Index, at 128, was up 19 percent from last month and 14 percent above July 1997. Higher prices from last month for tomatoes, lettuce, onions, and asparagus more than offset lower prices for broccoli, celery, and cauliflower. Tomato prices have been good at the start of the later than usual marketing season in California. Lettuce prices rose with better quality shipments.

LIVESTOCK AND PRODUCTS: The July Index, at 96, was down 2.0 percent from the June Index and 3.0 percent from June 1997. Compared with a year ago, prices were up for all milk and broilers but were lower for hogs, beef cattle, eggs, and turkeys.

MEAT ANIMALS: The July Index, at 79, was down 8.1 percent from last month and 17 percent from a year earlier. The July hog price was $36.10 per cwt, down $6.10 from June and $22.80 below a year ago. The July beef cattle price of $58.20 was down $3.60 from last month and $4.60 below July 1997. Year to date cattle slaughter is down 3 percent but heavier slaughter weights have pushed beef production 1 percent above last year and resulted in lower cattle prices.

DAIRY PRODUCTS: The July Index, at 109, was up 1.9 percent from June and 17 percent above July 1997. The July all milk price, at $14.30 per cwt, was up 30 cents from June and up $2.20 from last year. June milk production was up 1.1 percent from last year. Prices increased for both fluid and manufacturing grade milk. Cheese prices continued to increase during July.

POULTRY AND EGGS: The July Index, at 121, was up 5.2 percent from June and 2.5 percent above a year ago. The July broiler price at 43.2 cents per pound increased 2.9 cents from June. Market egg prices decreased 1.7 cents to 43.2 cents per dozen. Turkeys increased 1.6 cents to 37.5 cents per pound. The broiler price increase was seasonal. Turkey prices continue to be below last year's level as meat supplies remain large.


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 .06 2 .69 2 .34 8 .40 6 .26 65 .10 63 .00 58 .20 42 .20
Jun 3 .52 2 .77 2 .56 2 .28 8 .16 6 .15 62 .30 61 .80 57 .80 42 .50
Jul 3 .23 2 .57 2 .42 2 .11 7 .52 6 .13 62 .80 58 .20 58 .90 36 .10
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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