The October Agricultural Prices report from USDA shows overall prices received for farm products gaining ground in October. Prices farmers paid for commodities and services also increased, but at a slower rate.
Using a baseline in which prices from 1990 through 1992 equal 100 percent, the preliminary October index for all farm products increased by 17 points from September, to a level of 210 percent. The index is up 25 points from that of October 2011, when it stood at 185 percent. The Crop Index is up 15 points and the Livestock Index increased 4 points from September.
The October index for prices paid for meat animals, at 158 percent, is up 2.6 percent from last month and 1.3 percent higher than last year. The October price for all beef cattle of $121 per hundredweight is unchanged from last month but $4 higher than October 2011.
Finished steers and heifers averaged $126 per hundredweight in October, compared with $125 in September and $122 in October 2011. Calves in October averaged $163 per hundredweight, up $1 from $162 in September. During October 2011, calves averaged $145 per hundredweight, and during the baseline years of 1990 through 1992, calves averaged $94.30, according to the report.
Slaughter cows, including beef and dairy cows, averaged $77.50 per hundredweight in October, up from $72.90 in September and $65 in October 2011.
The October hog price, at $60.70 per hundredweight, is up $5 from September but $8 lower than a year ago.
The October Index of Prices Paid by farmers stands at 220 percent of the 1990-1992 average. The index is up 2 points from September and 15 points above October 2011.
The ratio of prices received to prices paid improved to 95 percent, compared to 89 percent in September and 90 percent in October 2011. The report shows corn prices averaging $6.95 per bushel in October, up slightly from September’s average of $6.89. During October 2011, corn averaged $5.73 per bushel, and during the baseline years of 1990 through 1992, corn averaged $2.30.
The October price for all hay averaged $193 per ton, compared with $187 in September, $185 during October 2011 and $76.30 per ton back in 1990 through 1992.
Read the full Agricultural Prices report from USDA.