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PRICES
October 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-September were lower compared with the entire month of August. Hogs were down $5.00 per cwt from last month and $19.40 below the previous year. The price for cows at $31.10 per cwt was $2.60 less than a month earlier and $1.70 below last year. Steers and heifers were down $2.50 and $15.60 per cwt from last month and last year, respectively. Calves were down $5.30 from the previous month and $21.10 less than September 1997.

    Milk price estimates for September averaged $19.50 per cwt, $1.20 more than a month earlier and $3.40 higher than last year. Commercial broilers were 46.0 cents per pound, 1.0 cent lower than a month earlier but 8.3 cents higher than the previous year. Table eggs at 44.0 cents per dozen were 4.0 cents less than the month before and 10.0 cents below September 1997.

U.S. PRICE INDEXES

    The All Farm Products Index of Prices Received in September was 98 based on 1990-92=100, down 3 points (3.0 percent) from August. Price decreases from August for hogs, cattle, corn, and grapes more than offset price increases for milk, tobacco, tomatoes, and apples. The seasonal changes in the mix of commodities farmers sell also affect the overall Index level. Lower seasonal marketings of cattle, broilers, wheat, and grapes more than offset the relatively higher marketings of soybeans, peanuts,
corn, and cotton. These changes contributed one point of the three point decline in the overall Index.

    Compared with September 1997, the All Farm Products Index was 9 points (8.4 percent) lower. Price decreases from September 1997 for hogs, corn, cattle, and wheat more than offset price increases for milk, broilers, grapes, and onions.

PRICES PAID INDEX DOWN 1 POINT

    The September Index of Prices Paid for Commodities and Services, Interest, Taxes, and Farm Wage Rates (PPITW) was 113 percent of the 1990-92 average. The Index was down 1 point (0.9 percent) from August 1998 and 4 points (3.4 percent) below September 1997. Since August, lower prices for feed components, feeder livestock, fertilizers, and fuels accounted for most of the Index decline.
    

SUMMARY TABLE
Index
1990-92=100
    1997 1998
Aug Sep Aug Sep
Prices Received 108 107 101 98
Prices Paid 117 117 114 113
Ratio 1/ 92 91 89 87
1/ Ratio of Index of Prices Received to Prices Paid.


Average price received by farmers 1/
    Commodity          Unit      Florida United States
September
1997
August
1998
September
1998
September
1997
August
1998
September
1998
Meat animals:
    Hogs $ per cwt 44.40 30.00 25.00 50.40 35.10 29.40
    Cows $ per cwt 32.80 33.70 31.10 34.40 34.20 33.40
    Steers & heifers $ per cwt 71.70 58.60 56.10 67.00 59.70 58.20
    Calves $ per cwt 87.70 71.90 66.60 86.90 76.90 73.80
Milk: 2/
    Sold to plants, all $ per cwt 16.10 18.30 19.50 13.10 15.40 16.20
Poultry:
    Com'l broilers Cents per lb. 37.7 47.0 46.0 38.2 46.9 45.9
    Table eggs Cents per doz. 54.0 48.0 44.0 57.5 51.4 49.6
Citrus, on tree:
    Oranges $ per box ** ** ** 7.15 5.37 4.97
    Grapefruit $ per box ** ** ** 4.22 6.01 11.09
    Limes $ per bu. 1.32 1.73 8.83 1.32 1.73 8.83
    Tangerines $ per box ** ** ** ** ** **
Field crops:
    Potatoes $ per cwt ** ** ** 5.09 5.30 5.31
    Hay, baled $ per ton ** ** ** 100.00 88.50 86.50
    Tobacco, Type 11-37 Cents per lb. 182.0 162.5 179.0 175.5 162.0 177.0
    Peanuts Cents per lb. 2.86 ** 2.58 2.71 ** 2.77
    Corn* $ per bu. 2.52 1.90 1.76
    Oats* $ per bu. 1.47 1.02 1.05
    Cotton* Cents per lb. 69.4 66.2 65.2
    Sorghum* $ per cwt 3.99 3.32 3.02
    Soybeans* $ per bu. 6.72 5.43 5.15
    Wheat, Winter* $ per bu. 3.46 2.25 2.22
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 September Index was 100, down 3.8 percent from August and 12 percent below September 1997. From August, price decreases for feed grains and hay, fruits, and oilseeds more than offset price increases for tobacco and vegetables.

FOOD GRAINS: The September Index, at 86, was up 1.2 percent from the previous month but 32 percent below September 1997. The September all wheat price, at $2.37 per bushel, was down 2 cents from August and $1.29 below September 1997. This is the lowest monthly all wheat price since August 1987.

FEED GRAINS & HAY: The September Index was 83, down 8.8 percent from last month and 27 percent below September 1997. The corn price, at $1.76 per bushel, was down 14 cents from August and 76 cents below the September 1997 price. This is the lowest monthly corn price since December 1987.

OIL-BEARING CROPS: The September Index, at 93, was down 5.1 percent from August and 16 percent below September 1997. Soybean prices, at $5.15 per bushel, decreased 28 cents from August and were $1.57 below September 1997. This is the lowest monthly soybean price since October 1987.

FRUIT AND NUTS: The September fruit and nuts Index, at 131, was down 7.7 percent from the previous month but up 0.8 percent from September 1997. Lower prices for grapes, lemons, and strawberries accounted for most of the decrease from August.

COMMERCIAL VEGETABLES: The September Index, at 112, was up 0.9 percent from last month but 5.1 percent below September 1997. Higher prices from last month for tomatoes, cucumbers, and cauliflower more than offset lower prices for lettuce and onions.

LIVESTOCK AND PRODUCTS: The September Index, at 97, was down 1.0 percent from the August Index and 2.0 percent from September 1997. Compared with a year ago, prices were up for all milk and broilers, but were lower for cattle, hogs, calves, eggs, and turkeys.

MEAT ANIMALS: The September Index, at 73, was down 6.4 percent from last month and 21 percent from a year earlier. The September hog price was $29.40 per cwt, down $5.70 from August and $21.00 below a year ago. The September beef cattle price of $55.80 was down $1.60 from last month and $7.80 below September 1997. August cattle slaughter was down 2 percent from a year ago. However, heavier slaughter weights have kept beef production slightly above last year and resulted in lower cattle prices.

DAIRY PRODUCTS: The September Index, at 124, was up 5.1 percent from August and 24 percent above September 1997. The September all milk price, at $16.20 per cwt, was up 80 cents from July and up $3.10 from last year. August milk production was down 0.4 percent from last year. Prices increased for both fluid and manufacturing grade milk. Cheddar cheese prices continued to increase during September.

POULTRY AND EGGS: The September Index, at 128, was 3.0 percent below August but 10 percent above a year ago. The September broiler price at 45.9 cents per pound was down 1.0 cent from August, a seasonal decline. Market egg prices decreased 1.8 cents to 49.6 cents per dozen. Production increases and softness in demand contributed most to the decline in price. Turkey prices, continuing their seasonal increase, were up 1.4 cents from last month to 40.2 cents per pound. Turkey stocks in cold storage at the end of August were 5 percent below a year ago.

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 .39 2 .50 1 .90 7 .25 5 .43 63 .90 57 .40 55 .30 35 .10
Sep 3 .66 2 .37 2 .52 1 .76 6 .72 5 .15 63 .60 55 .80 50 .40 29 .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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