News

USDA price indices for June firm

U.S. farmers made and paid fractionally more in June than they did in May.

The USDA says the index of prices received was up 0.4% with gains in cattle, hog, market egg, and orange prices barely ending out losses for milk, cotton, broilers, and lettuce.

The dairy index for June 2023 was down 7.2% from May and 33% from June 2022, with an all milk price of $17.90 per hundredweight, a drop of $1.40 on the month and $8.80 on the year.

The index of prices paid was 0.1% higher following increases for feeder cattle, herbicides, other services, and other machinery against decreased costs for feeder pigs, complete feeds, hay and forages, and concentrates.

Year-to-year, the index of prices received was more than 5% lower than in June 2022, reflecting the losses for some key commodities, while the index of prices paid was eight tenths of a percent higher, climbing at a slower speed than the monthly rate of inflation.

The USDA’s next round of price production projections is out August 11^th.