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Serving: MI

USDA Reports July Agricultural Prices

Most commodity prices increase over last year.

Prices received by Michigan farmers for the full month of June 2007 and mid-month prices as of July 15, 2007, according to the USDA, NASS, Michigan Field Office were generally up for most commodities.

Some Michigan highlights include: corn was $3.40 per bushel, down $0.35 from June, but up $1.22 from last year. Soybeans were $8 per bushel, up $0.55 from last month. Milk, at $22.50 per cwt, was up $2.10 from last month and up $10.30 from last year. Steers and heifers were $85.00 per cwt, up $4 from last year. Calves were $120.00, down $14.00 from last year.

U.S. preliminary All Farm Products Index of Prices Received by Farmers in July, at 142%, based on 1990-92=100, increased 3 points (2.2%) from June. The Crop Index is up 2 points (1.4%) and the Livestock Index increased 3 points (2.2%). Producers received higher commodity prices for milk, eggs, wheat, and snap beans. Lower prices were received for corn, broilers, hogs, and cantaloups. The overall index is also affected by the seasonal change based on a 3-year average mix of commodities producers sell.

Increased average marketings of grapes, wheat, hay, and tomatoes offset decreased marketings of milk, cantaloups, and potatoes. The preliminary All Farm Products Index is up 25 points (21%) from July 2006. The Food Commodities Index, at 144, increased 4 points (2.9%) from last month and increased 25 points (21%) from July 2006.

The July Index of Prices Paid for Commodities and Services, Interest, Taxes, and Farm Wage Rates is 158% of the 1990-92 average. The index is unchanged from June but 9 points (6.0%) above July 2006. Lower prices in July for feed grains, feeder pigs, LP gas, and gasoline offset higher prices for feeder cattle, complete feeds, milk cows, and nitrogen fertilizers.

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