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PRICES
September 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-August were mostly lower compared with the entire month of July. Hogs were down $1.80 per cwt from last month and $19.90 less than the previous year. The price for cows at $33.60 per cwt was 40 cents less than a month earlier and $2.20 below last year. Steers and heifers were down 10 cents and $15.40 per cwt from last month and last year, respectively. Calves were up 80 cents from the previous month but $19.70 less than August 1997.

    Milk price estimates for August averaged $18.00 per cwt, $2.10 more than a month earlier and $2.40 higher than last year. Commercial broilers at 47.0 cents per pound were 2.0 cents higher than a month earlier and 6.0 cents more than the previous year. Table eggs at 48.0 cents per dozen were 11.0 cents more than the month before and 2.0 cents higher than August 1997.

U.S. PRICE INDEXES

    The All Farm Products Index of Prices Received in August was 101 based on 1990-92=100, down 1 point (1.0 percent) from July. Price decreases from July for corn, tomatoes, soybeans, and wheat offset price increases for milk, broilers, grapes, and eggs. The seasonal changes in the mix of commodities farmers sell also affect the overall index level; however, these changes were essentially offsetting in August.

    Compared with August 1997, the All Farm Products Index was 7 points (6.5 percent) lower. Price decreases from August 1997 for hogs, wheat, cattle, and corn more than offset price increases for milk, broilers, grapes, and peaches.

PRICES PAID INDEX DOWN 1 POINT

    The August 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 July but 2 points (1.7 percent) below August 1997. Since July, lower prices for feed grains, fuels, nitrogen fertilizer, feeder pigs, and agricultural chemicals were offset by higher prices for feed concentrates, feeder cattle, complete feeds, and other hay.

SUMMARY TABLE
Index
1990-92=100
    1997 1998
Jul Aug Jul Aug
Prices Received 107 108 102 101
Prices Paid 117 117 115 115
Ratio 1/ 91 92 89 88
1/ Ratio of Index of Prices Received to Prices Paid.


Average price received by farmers 1/
Commodity Unit Florida United States
August
1997
July
1998
August
1998
August
1997
July
1998
August
1998
Meat animals:
    Hogs $ per cwt 50.50 32.40 30.60 55.30 36.70 36.30
    Cows $ per cwt 35.80 34.00 33.60 36.40 34.70 33.70
    Steers & heifers $ per cwt 74.80 59.50 59.40 66.60 61.00 60.40
    Calves $ per cwt 91.50 71.00 71.80 88.00 76.60 76.20
Milk: 2/
    Sold to plants, all $ per cwt 15.60 15.90 18.00 12.80 14.10 15.30
Poultry:
    Com'l broilers Cents per lb. 41.0 45.0 47.0 39.9 43.2 46.9
    Table eggs Cents per doz. 46.0 37.0 48.0 49.8 43.2 51.4
Citrus, on tree:
    Oranges $ per box ** ** ** 7.03 5.85 5.37
    Grapefruit $ per box ** ** ** 7.01 3.66 7.25
    Limes $ per bu. 2.44 6.43 1.73 2.44 6.43 1.73
    Tangerines $ per box ** ** ** ** ** **
Field crops:
    Potatoes $ per cwt ** ** ** 6.34 5.93 5.08
    Hay, baled $ per ton ** ** ** 99.00 88.60 88.50
    Tobacco, Type 11-37 Cents per lb. 165.5 ** ** 160.0 163.0 159.5
    Peanuts Cents per lb. ** ** ** 2.33 ** **
    Corn* $ per bu. 2.50 2.20 1.89
    Oats* $ per bu. 1.57 1.19 1.13
    Cotton* Cents per lb. 65.1 66.5 66.3
    Sorghum* $ per cwt 4.09 3.80 3.43
    Soybeans* $ per bu. 7.25 6.13 5.36
    Wheat, Winter* $ per bu. 3.40 2.48 2.33
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 August Index was 103, down 3.7 percent from July and 11 percent below August 1997. From July, price decreases for vegetables, feed grains and hay, oilseeds, and food grains more than offset price increases for fruit and nuts.

FOOD GRAINS: The August Index, at 87, was down 2.2 percent from the previous month and 29 percent below August 1997. This is the lowest the Index has been since August 1991. The August all wheat price, at $2.46 per bushel, was down 10 cents from July.

FEED GRAINS & HAY: The August Index was 92, down 8.9 percent from last month and 20 percent below August 1997. The corn price, at $1.89 per bushel, was down 31 cents from July and 61 cents below the August 1997 price. This is the lowest monthly price for corn since April 1988. The all hay price, at $88.50 per ton, was down 10 cents from July.

OIL-BEARING CROPS: The August Index, at 97, was down 13 percent from July and 24 percent below August 1997. Soybean prices, at $5.36 per bushel, decreased 77 cents from July and were $1.89 below August 1997.

FRUIT AND NUTS: The August fruit and nuts Index, at 143, was up 9.2 percent from the previous month and up 15 percent from August 1997. Higher prices for grapes, strawberries, lemons, and apples accounted for most of the increase from July.

COMMERCIAL VEGETABLES: The August Index, at 104, was down 15 percent from last month and 16 percent below August 1997. Lower prices from last month for tomatoes, onions, lettuce, and cantaloupes more than offset higher prices for sweet corn, broccoli, and asparagus.

LIVESTOCK AND PRODUCTS: The August Index, at 99, was up 3.0 percent from the July Index but unchanged from August 1997. Compared with a year ago, prices were up for all milk, broilers, and eggs but were lower for hogs, cattle, calves, and turkeys.

MEAT ANIMALS: The August Index, at 79, was unchanged from last month but down 16 percent from a year earlier. The August hog price was $36.30 per cwt, down 40 cents from July and $19.00 below a year ago. The August beef cattle price of $57.90 was down 50 cents from last month and $6.00 below August 1997. July cattle slaughter is down 4 percent from a year ago but heavier slaughter weights have kept beef production slightly above last year and resulted in lower cattle prices.

DAIRY PRODUCTS: The August Index, at 117, was up 8.3 percent from July and was 21 percent above August 1997. The August all milk price, at $15.30 per cwt, was up $1.20 from July and up $2.60 from last year. July milk production was down 0.8 percent from last year. Prices increased for both fluid and manufacturing grade milk. Cheese prices continued to increase during August.

POULTRY AND EGGS: The August Index, at 132, was up 9 percent from July and 13 percent above a year ago. The August broiler price was at a record high 46.9 cents per pound, an increase of 3.7 cents from July. This is the highest monthly price for broilers since May 1989 which was 44.6 cents per pound. The record broiler price was a result of strong demand with only a modest increase in supply. Reports of larger than normal weather related death losses also affected the markets. Market egg prices increased 8.2 cents to 51.4 cents per dozen. Turkeys increased 1.3 cents to 38.8 cents per pound. Turkey prices continue to be below a year ago as demand has not met supply.

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 .33 2 .79 2 .54 7 .97 6 .40 64 .80 61 .30 49 .40 34 .80
Apr 4 .10 3 .18 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 .20
Jul 3 .23 2 .56 2 .42 2 .20 7 .52 6 .13 62 .80 58 .40 58 .90 36 .70
Aug 3 .56 2 .46 2 .50 1 .89 7 .25 5 .36 63 .90 57 .90 55 .30 36 .30
Sep 3 .66 2 .52 6 .72 63 .60 50 .40
Oct 3 .58 2 .54 6 .50 63 .30 47 .30
Nov 3 .54 2 .51 6 .85 63 .30 45 .10
Dec 3 .44 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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