Some Michigan highlights include: July corn at $6.50 per bushel, is down $0.27 from June and down $1.13 from last year; July soybeans at $15.20 per bushel, is up $0.10 from last month and down $0.30 from last year; July milk at $19.90 per cwt, is down $0.20 from last month, and up $2.80 from last year.
The preliminary All Farm Products Index of Prices Received by Farmers in July, at 201%, based on 1990-
1992=100, increased 1 point (0.5%) from June. The Crop Index is down 3 points (1.3%) and the Livestock
Index decreased 2 points (1.2%). Producers received higher prices for eggs, soybeans, hogs, and lower prices for broilers, wheat, corn, and milk. 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 wheat, hay, and grain sorghum offset the decreased marketing of milk, cattle, broilers, and oranges.
The preliminary All Farm Products Index is up 10 points (5.2%) from July 2012. The Food Commodities Index, at 188, increased 2 points (1.1%) from last month and is 10 points (5.6%) higher than July 2012.
The July Index of Prices Paid for Commodities and Services, Interest, Taxes, and Farm Wage Rates (PPITW) is 220 percent of the 1990-1992 average. The index is up 1 point (0.5%) from June and 7 points (3.3%) above July 2012. Higher prices in July for feeder cattle, other services, LP gas, and complete feeds offset lower prices for nitrogen, feed grains, hay & forages, and concentrates.
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