Farming a little more profitable in July

The Preliminary Index of Prices Received by Farmers in July was 3.6 percent higher than June. The National Ag Statistics Service says the Crop Index increased 4.1 percent and the Livestock Index was 1.6 percent higher than a month ago. Producers were paid more for corn, wheat, milk and lettuce, less for onions, strawberries, grapes and cantaloupes.

In the Crop Index: the all wheat price averaged $4.74 per bushel up 57 cents from June; corn averaged $3.55 up 14 cents from last month; soybeans increased 34 cents to $9.79 per bushel; sorghum grain 53 cents higher at $5.90 per cwt while the all hay price slipped $2.00 to $112 per ton.

In the Livestock Index: the July hog price averaged $57.80 per cwt, down 50 cents from June; beef increased 30 cents to average $90.60 per cwt; all milk price up 50 cents to $16.00 per cwt; broilers were unchanged at 51 cents per pound while turkeys increased 2.7 cents to 64.4 per pound.

The Index of Prices Paid in July was unchanged from June. Higher prices for feeder cattle, concentrates, feed grains and other services were offset by lower prices for diesel, LP gas, fertilizer, milk cows and feeder pigs.

Compared to a year ago, the prices received by farmers are 10 percent higher while the prices paid are 2.2 percent above July of 2009.

Read the full NASS report here