News

USDA index of prices received falls as prices paid climbs

U.S. farm income fell from September to October as expenditures grew slightly.

The USDA’s index of prices received for October was down 2.7% with decreases in price for corn, soybeans, broilers, and potatoes, which canceled out increases in eggs, milk, strawberries and lettuce. Monthly movement was up for corn, soybeans, calves, and upland cotton, but down for cattle, broilers, milk, and eggs.

The dairy index for October was 6.2% above September and 32% higher than October 2021, with an all milk price of $25.90 per hundredweight, a gain of $1.50 on the month and $6.30 on the year.

The index of prices paid was 0.3% higher on increases in cost for herbicides, mixed fertilizer, supplements, and self-propelled machinery against decreases for feed grains, feeder pigs, complete feeds, and concentrates.

Year-to-year, the index of prices received was up 20% from October 2021 and the index of prices paid was 12% higher, with both influenced by inflationary signals in the broader economy.