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PRICES
November 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-October were mostly lower compared with the entire month of September. Hogs were down $2.40 per cwt from last month and $19.10 below the previous year. The price for cows at $27.10 per cwt was $3.60 less than a month earlier and $5.00 per cwt below last year. Steers and heifers were up $2.90 from last month but $7.40 lower than the previous year. Calves were down $4.00 per cwt from a month earlier and $19.80 less than October 1997.

    Milk price estimates for October averaged $20.20 per cwt, 20 cents more than a month earlier and $2.90 higher than last year. Commercial broilers were 44.0 cents per pound, 2.0 cents lower than a month earlier but 9.1 cents more than a year earlier. Table eggs at 47.0 cents per dozen were unchanged from October 1997 but 3.0 cents more than September 1998.

U.S. PRICE INDEXES


    The All Farm Products Index of Prices Received in October was 99 based on 1990-92=100, unchanged from September. Price increases from September for lettuce, milk, tomatoes, and wheat more than offset price decreases for broilers, peanuts, hogs, and potatoes. The seasonal changes in the mix of commodities farmers sell also affect the overall Index level. Lower seasonal marketings of milk, wheat, tobacco, and grapes more than offset the relatively higher marketings of soybeans, corn, cotton, and cottonseed. These marketing changes completely offset the increase in prices.

    Compared with October 1997, the All Farm Products Index was eight points (7.5 percent) lower. Price decreases from October 1997 for soybeans, corn, hogs, and cattle more than offset price increases for milk, broilers, tomatoes, and onions.

PRICES PAID INDEX DOWN 1 POINT

    The October 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 unchanged from September 1998 but 4 points (3.4 percent) below October 1997. Since September, lower prices for complete feeds, feed supplements, nitrogen fertilizers, feed concentrates, and LP gas were offset by higher feeder cattle, diesel fuel, and feed grain prices.


SUMMARY TABLE
Index
1990-92=100
    1997 1998
Sep Oct Sept Oct
Prices Received 107 107 99 99
Prices Paid 117 117 113 113
Ratio 1/ 91 91 88 88
1/ Ratio of Index of Prices Received to Prices Paid.

Average price received by farmers 1/
Commodity Unit Florida United States
October
1997
September
1998
October
1998
October
1997
September
1998
October
1998
Meat animals:
    Hogs $ per cwt 39.50 22.80 20.40 47.30 29.50 28.50
    Cows $ per cwt 32.10 30.70 27.10 33.10 32.60 30.70
    Steers & heifers $ per cwt 66.60 56.30 59.20 67.30 58.90 61.50
    Calves $ per cwt 82.40 66.60 62.60 84.30 74.10 74.70
Milk: 2/
    Sold to plants, all $ per cwt 17.30 20.00 20.20 14.10 16.60 17.30
Poultry:
    Com'l broilers Cents per lb. 34.9 46.0 44.0 34.7 45.9 43.9
    Table eggs Cents per doz. 47.0 44.0 47.0 53.1 49.6 53.2
Citrus, on tree:
    Oranges $ per box ** ** 5.18 3.90 4.97 5.42
    Grapefruit $ per box ** ** 3.99 3.23 11.09 3.88
    Limes $ per bu. 1.18 8.83 2.13 1.18 8.83 2.13
    Tangerines $ per box ** ** 9.02 8.63 ** 9.02
Field crops:
    Potatoes $ per cwt ** ** ** 4.93 4.92 4.60
    Hay, baled $ per ton ** ** ** 100.00 86.50 85.20
    Tobacco, Type 11-37 Cents per lb. 176.5 179.5 180.0 178.5 179.0 186.5
    Peanuts Cents per lb. 2.78 2.51 2.06 2.54 2.68 2.50
    Corn* $ per bu. 2.54 1.83 1.91
    Oats* $ per bu. 1.62 1.06 1.07
    Cotton* Cents per lb. 69.4 67.1 68.9
    Sorghum* $ per cwt 4.06 2.91 3.09
    Soybeans* $ per bu. 6.50 5.25 5.18
    Wheat, Winter* $ per bu. 3.44 2.32 2.56
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 October Index was 101, unchanged from September but 11 percent below October 1997. From September, price increases for vegetables, food grains, and feed grains and hay offset price decreases for oilseeds and potatoes and dry beans.

FOOD GRAINS: The October Index, at 98, was up 11 percent from the previous month but 21 percent below October 1997. The October all wheat price, at $2.72 per bushel, was up 31 cents from September but 86 cents below October 1997.

FEED GRAINS & HAY: The October Index was 86, unchanged from last month but 23 percent below October 1997. The corn price, at $1.91 per bushel, was up 8 cents from September but 63 cents below the October 1997 price. The all hay price, at $85.20 per ton, was down $1.30 from last month.

OIL-BEARING CROPS: The October Index, at 93, was unchanged from September but 16 percent below October 1997. Soybean prices, at $5.18 per bushel, decreased 7 cents from September and $1.32 below October 1997.

FRUIT AND NUTS: The October fruit and nuts Index, at 127, was down 3.1 percent from the previous month but up 5.8 percent from October 1997. Lower prices for grapefruit, grapes, and lemons accounted for most of the decrease from September.

COMMERCIAL VEGETABLES: The October Index, at 140, was up 25 percent from last month but 4.1 percent below October 1997. Higher prices from last month for lettuce, tomatoes, and sweet corn more than offset lower prices for cucumbers, cauliflower, and snap beans.

LIVESTOCK AND PRODUCTS: The October Index, at 98, was up 1.0 percent from both last month and October 1997. Compared with a year ago, prices were up for all milk, broilers, turkeys, and eggs but were lower for cattle, hogs, and calves.

MEAT ANIMALS: The October Index, at 75, was up 2.7 percent from last month but down 16 percent from a year earlier. The October hog price was $28.50 per cwt, down $1.00 from September and $18.80 below a year ago. The October beef cattle price of $57.90 was up $1.80 from last month but $5.40 below October 1997. September cattle slaughter was up 1 percent from a year ago. This, combined with heavier slaughter weights, has increased beef production 3 percent above last year and resulted in lower cattle prices.

DAIRY PRODUCTS: The October Index, at 132, was up 3.9 percent from September and 22 percent above October 1997. The October all milk price, at $17.30 per cwt, was up 70 cents from September and $3.20 from last year. This is a record price for all milk. September milk production was up 0.4 percent from last year. Prices increased for both fluid and manufacturing grade milk. Cheese prices also continued to increase during October.

POULTRY AND EGGS: The October Index, at 127, was 0.8 percent below September but 18 percent above a year ago. The October broiler price, at 43.9 cents per pound, was down 2.0 cents from September, a seasonal decline, but were 9.2 cents above a year ago. Demand for broilers has been relatively strong and supplies just slightly above a year ago. Market egg prices increased 3.6 cents to 53.2 cents per dozen. Production increases were offset by the increased domestic demand which contributed most to the increase in price. Turkey prices, continuing their seasonal increase, were up 2.6 cents from last month to 42.8 cents per pound. Turkey stocks in cold storage at the end of September were 10 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 .32 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 .41 2 .52 1 .83 6 .72 5 .25 63 .60 56 .10 50 .40 29 .50
Oct 3 .58 2 .72 2 .54 1 .91 6 .50 5 .18 63 .30 57 .90 47 .30 28 .50
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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