Farmers earned less money in July than in June.
According to the USDA, the farmer price index decreased 2.1% in July, with reductions in maize, hay, milk, and broilers more than balancing out increases in soybeans, pigs, lettuce, and strawberries.
The dairy index for July 2023 was down 2.8% from June and 32% from July 2022, with an all milk price of $17.40 per hundredweight, a $.50 decrease from the previous month and a $8.10 decrease from the previous year.
Higher movements in feeder cattle, concentrates, LP gas, and diesel offset reduced costs for feed grains, hay and forages, complete feeds, and nitrogen, resulting in a 0.1% increase in the index of prices paid.
The USDA’s index of prices received fell 7% year on year, showing losses sustained by certain producers, while the index of prices paid remained steady, indicating lowering inflation in portions of the business.
