March Farm Prices Received Index Up 5 Points, Prices Paid Index Unchanged

Released March 28, 2014, by the National Agricultural Statistics Service (NASS), Agricultural Statistics Board, United States Department of Agriculture (USDA).

The preliminary All Farm Products Index of Prices Received by Farmers in March, at 111 percent, based on 2011=100, increased 5 points (4.7 percent) from February. The Crop Index is up 2 points (2.2 percent) and the Livestock Index increased 6 points (5.0 percent). Producers received higher prices for broilers, hogs, corn, and cattle and lower prices for market eggs, grapefruit, and sunflowers. In addition to prices, the overall index is also affected by the seasonal change based on a 3-year average mix of commodities producers sell. Increased monthly movement of cattle, milk, and calves offset the decreased marketing of cotton, soybeans, and hay.

The preliminary All Farm Products Index is up 1 point (0.9 percent) from March 2013. The Food Commodities Index, at 121, increased 5 points (4.3 percent) from last month and increased 12 points (11 percent) from March 2013.

The March Index of Prices Paid for Commodities and Services, Interest, Taxes, and Farm Wage Rates (PPITW) is at 107 (2011=100). The index is unchanged from February but 1 point (0.9 percent) above March 2013. Higher prices in March for feeder cattle, feeder pigs, concentrates, and nitrogen offset lower prices for LP gas, supplements, tractors, and complete feeds.

Prices Received by Farmers

The March All Farm Products Index is 111 percent of its 2011 base, up 4.7 percent from the February index and 0.9 percent above the March 2013 index.

All crops: The March index, at 95, increased 2.2 percent from February but is 15 percent below March 2013. The index increase for oilseeds & grains more than offset the index decrease for fruit & tree nut production.

Food grains: The March index, at 103, is 6.2 percent above the previous month but 3.7 percent below a year ago. The March price for all wheat, at $6.90 per bushel, is up 41 cents from February but 89 cents below March 2013.

Feed grains: The March index, at 76, is up 4.1 percent from last month but 36 percent below a year ago. The corn price, at $4.54 per bushel, is up 19 cents from last month but $2.59 below March 2013. Sorghum grain, at $8.18 per cwt, is 53 cents above February but $4.02 below March last year.

Oilseeds: The March index, at 108, is up 3.8 percent from February but 6.9 percent lower than March 2013. The soybean price, at $13.60 per bushel, increased 40 cents from February but is $1.00 below March 2013.

Fruits & nuts: The March index, at 122, is unchanged from February but 18 percent higher than a year ago. Price increases for oranges and lemons offset price decreases for grapefruit and tangerines.

Commercial vegetables: The March index, at 94, is unchanged from last month but 18 percent below March 2013.

Other crops: The March index, at 98, is up 2.1 percent from last month but 3.9 percent below March 2013. The all hay price, at up $173 per ton, is up $5.00 from February but $22.00 lower than last March. The price for upland cotton, at 80.3 cents per pound, is up 1.3 cents from February and 2.8 cents above last March.

Livestock and products: The March index, at 127, is 5.0 percent above last month and up 18 percent from March 2013. Compared with a year ago, prices are higher for milk, cattle, hogs, calves, eggs, and turkeys. The price for broilers is down from last year.

Meat animals: The March index, at 126, is up 5.0 percent from last month and 21 percent higher than last year. The March hog price, at $75.90 per cwt, is up $10.40 from February and $16.70 higher than a year ago. The March beef cattle price of $147 per cwt is up $3.00 from last month and $22.00 higher than March 2013.

Dairy products: The March index, at 126, is up 1.6 percent from a month ago and 33 percent higher than March last year. The March all milk price of $25.40 per cwt is up 50 cents from last month and $6.30 from March 2013.

Poultry & eggs: The March index, at 133, is up 9.0 percent from February and 0.8 percent above a year ago. The March market egg price, at $1.05 per dozen, decreased 18.0 cents from February but is 9.8 cents higher than March 2013. The March broiler price, at 65.0 cents per pound, is up 10.0 cents from February but 1.0 cent below a year ago. The March turkey price, at 67.0 cents per pound, is up 0.6 cents from the previous month and 2.0 cents higher than a year earlier.

Prices Paid by Farmers

The March Index of Prices Paid for Commodities and Services, Interest, Taxes, and Farm Wage Rates (PPITW) at 107 (2011=100), is unchanged from February 2014 but up 0.9 percent from March 2013.

Production index: The March index, at 108, is unchanged from last month but increased 0.9 percent from last year. Higher prices in March for feeder cattle, feeder pigs, concentrates, and nitrogen offset lower prices for LP gas, supplements, tractors, and complete feeds.

Feed: The March index, at 105, increased 1.0 percent from February but decreased 13 percent from last March. Since February, higher prices for concentrates, feed grains, and hay & forages offset lower prices for supplements and complete feeds.

Livestock and poultry: The March index, at 132, increased 2.3 percent from last month and increased 31 percent from last year. Since February, prices for feeder cattle and feeder pigs are higher. The March feeder cattle price, at $178.20 per cwt, is up $2.30 per cwt from the February price. March feeder pigs averaged $281.00 per cwt, up $23.00 per cwt from February.

Fertilizer: The March index, at 92, is up 3.4 percent from February but 8.0 percent below March a year ago. Since February, prices for nitrogen, potash & phosphate, and mixed fertilizer are higher.

Chemicals: The March index, at 110, increased 0.9 percent from February and increased 1.9 percent from last March. Compared with last month, prices for herbicides, insecticides, and fungicides/other are higher.

Fuels: The March index, at 101, is down 4.7 percent from a month earlier but unchanged from March 2013. Compared with last month, prices are lower for LP gas but higher for gasoline and diesel.

Machinery: The March index, at 111, is unchanged from February but is 2.8 percent above last March. Compared with last month, prices are higher for other machinery and self-propelled machinery but lower for tractors.

Consumer price index: The February 2014 Consumer Price Index, as issued by the Bureau of Labor Statistics, for all urban consumers (CPI-U) increased 0.4 percent before seasonal adjustment to a level of 234.781 (1982-1984=100). The January index is 233.916. For the 12 month period ending in February, the overall index increased 1.1 percent.

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