The Preliminary Index of Prices Received by Farmers in January increased 3.9 percent from December. The Crop Index increased 5.1 percent, the average corn price increased 4 cents to $5.90 per bushel, soybeans increased 20 cents to average $11.70, and all wheat was 33 cents lower at an average $6.86 per bushel while the all-hay price dropped $5 to average $172 per ton.
Livestock Index declined 0.6 percent in January. Beef were $4 higher at $124 per hundredweight while pigs were $1.10 lower at $62.40 per cwt. Broilers were up 2 cents to average 49 cents per pound, turkeys were 5.4 cents lower at 66 cents per pound and eggs dropped 43.3 cents to average 66.7 cents per dozen.
The Dairy Products Index is down 3.3 percent for the month, the January all milk price comes in at $19.20 per cwt down 60 cents from December. As a result, dairy profitability narrowed again in January, while the all milk price was $19.20, the cost of feed to produce a hundred pounds of milk totaled $10.85 putting income over feed cost at $8.35 down 51 cents from December and below the ten-year average income-over-feed-cost of $8.98.
The Index of Prices Paid by Farmers in January is up 1 percent from December. Higher prices for feeder cattle, interest, taxes and land rent outpaced lower prices for complete feeds, concentrates, LP gas and diesel.
Compared to a year ago, the Prices Received by Farmers Index is up 12 percent while the Prices Paid Index is 6.2 percent higher.
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