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Producers made, paid more in May

The USDA says producers paid and made fractionally more in May than in April.

The index of prices received was up 0.5% on the month thanks to gains in corn, cattle, broilers, and oranges, which canceled out losses market eggs, cotton, lettuce, and strawberries.

The dairy index for May was up seven tenths of a percent from April and 43% above May 2022, with an all milk price of $27.30 per hundredweight, an increase of $.20 on the month and $8.20 on the year.

The index of prices paid was 0.6% higher following increases in costs for nitrogen, diesel, complete feeds, and other services, against decreases for feeder cattle and feeder pigs, concentrates, and LP gas.

Year-to-year, the index of prices received was 27% higher and the index of prices paid was up 15%, reflecting both inflation and some improvements in the farm economy.