THE USDA Agricultural Prices Report released August 31st 2022 documented July prices for agricultural commodities and expenditures.
The USDA ERS summarised prices as follows:-
July Prices Received Index Down 2.1 Percent
“The July Prices Received Index 2011 Base (Agricultural Production), at 124.7, decreased 2.1 percent from June and 7.0 percent from July 2022. At 118.7, the Crop Production Index was down 1.2 percent from last month and 4.9 percent from the previous year. The Livestock Production Index, at 132.4, decreased 2.0 percent from June, and 9.4 percent from July last year. Producers received lower prices during July for broilers, corn, milk, and hay, but higher prices for hogs, lettuce, soybeans, and strawberries. In addition to prices, the volume change of commodities marketed also influences the indexes. In July, there was decreased marketing of cattle, milk, broilers, and hogs, but increased monthly movement for wheat, grapes, hay, and cotton”.
July Prices Paid Index was up 0.1 Percent
“The July Prices Paid Index for Commodities and Services, Interest, Taxes, and Farm Wage Rates (PPITW), at 138.7, is up 0.1 percent from June 2023, but unchanged from July 2022. Higher prices in July for feeder cattle, concentrates, diesel, and LP gas more than offset lower prices for hay & forages, feed grains, nitrogen, and complete feeds”.
Corn farmers received $6.32 per bushel in July 2023 compared to $7.25 per bushel in July 2022, up 12.8 percent.
Soybean farmers received $14.70 per bushel in July 2023 compared to $15.50 per bushel in July 2022, down 5.2 percent.
The July market egg price, at 95.0 cents per dozen, was $1.60 lower than July 2022. The year-on-year decrease is attributed to restoration of production following the disequilibrium between supply and demand attributed to HPAI. This infection 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.