THE USDA Agricultural Prices Report released December 30th 2022 posted November prices for agricultural commodities and expenditures.
The USDA ERS summarised prices as follows:-
“The November Prices Received Index (2011 as a base) for Agricultural Production was 133.4, an increase of 4.5 percent from October 2022 and 23 percent from November 2021. At 127.1, the Crop Production Index was up 4.3 percent from last month and 19 percent from the previous year. The Livestock Production Index, at 143.4, increased 3.2 percent from October and 30 percent from November last year. Producers received higher prices during November for lettuce, soybeans, market eggs and cattle but lower prices for hogs, hay, milk, and cotton. In addition to prices, the volume change of commodities marketed also influences the indexes. In November, there was increased monthly movement for corn, milk, cattle, and cotton and decreased marketing of soybeans, grapes, lettuce, and wheat.”
“The November Prices Paid Index for Commodities and Services, Interest, Taxes, and Farm Wage Rates (PPITW), at 137.1, was unchanged from October 2022 but up 11 percent from November 2021. Higher prices for feeder cattle, feeder pigs, concentrates, and nitrogen offset lower prices for other services, hay and forages, complete feeds, and other machinery”.
Corn farmers received $6.49 per bushel in November 2022 compared to $5.26 per bushel in November 2021, up 23.4 percent.
Soybean farmers received $14.00 per bushel in November 2022 compared to $12.10 per bushel in November 2021, up 15.7 percent.
Egg farmers received $3.34 per dozen for table eggs in November 2022 compared to $1.09 per dozen in November 2022, up 206.4 percent. The sharp year-on-year increase is attributed to disequilibrium between supply and demand. Highly pathogenic avian influenza resulted in depletion of 44 million hens with a reduction of 20 million producing birds in the supply flock on average from mid 2022 onwards. This situation was coupled with increased demand as consumers increased purchases of eggs representing a competitively priced protein source in an inflationary environment.