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Farm prices received up in March

Farmers made more in March while paying steady money.

The USDA’s index of prices received was 1.3% higher than in February, supported by gains in cattle, hogs, broilers, and market eggs which were enough to overcome losses in corn, soybeans, milk and chickens.

The dairy index was down 2.3% from the previous month and 18% from last year, with an all milk price of $21.10 per hundredweight, a decline of $0.50 on the month and $4.50 on the year.

The index of prices paid held on the month on increases for feeder cattle, feeder pigs, repairs, and other machinery against decreases in complete feeds, nitrogen, diesel, and other services.

Year-to-year, the index of prices received for March 2023 was 1% above March 2022, thanks to a stronger livestock index canceling out a weaker crop index, and the index of prices paid was up 3.6% due to supply chain issues and inflation.