June Farm Prices Still Lag Rising Costs

Commodities & Metals

Published: June 27, 2013 3:24 pm

Last Updated: April 28, 2020 12:24 am

The U.S. Department of Agriculture (USDA) today released its preliminary report on June farm prices. The index uses prices from 1990 to 1992 as its base value (100). The June all-products price index rose four points (2%) to 200 month over month, with the crop index up 3.6% and the livestock index down 1.2%. The all-products index is up 9.3% year-over-year.

Farm costs, measured by the prices paid index rose 0.5% month over month to 221, but that is 3.3% higher than June of 2012. Higher prices for nitrogen fertilizer, feeder cattle, and other fertilizers and supplements led the prices-paid hike.

Prices received by farmers rose the most for oilseeds, particularly soybeans, which are 8.6% higher than in June of 2012. Consumer prices for fruits and nuts rose 11% month over month, but are 2.1% lower than they were a year ago. Potatoes and dry beans are cheaper than they were a year ago and meat prices are up 0.6% compared with June of 2012, but flat month over month.

The USDA also noted that it is suspending a number of its statistical surveys and reports for the remainder of the 2013 fiscal year due to reduced funding.

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