May Ag Prices Received Index Increases 2.1%, Prices Paid Increases 2%
May Prices Received Index Increased 2.1 Percent
The May Prices Received Index (Agricultural Production), at 98.7, increased 2.1 percent from April 2017. At 88.1, the Crop Production Index decreased 5.4 percent. At 106.7, the Livestock Production Index increased 7.2 percent. Producers received higher prices for broilers, cattle, and hogs but lower prices for lettuce, strawberries, and cauliflower. Compared with a year earlier, the Prices Received Index is up 4.8 percent. The Crop Production Index decreased 1.5 percent and the Livestock Production Index increased 9.4 percent. In addition to prices, the indexes are influenced by the monthly mix of commodities producers market. Increased monthly movement of cattle, sweet corn, broilers, and hay offset the decreased marketing of soybeans, calves, hogs, and apples. The Food Commodities Index, at 104.3, increased 2.5 percent from the previous month and 6.2 percent from May 2016.
May Prices Paid Index Up 0.2 Percent
The May Prices Paid Index for Commodities and Services, Interest, Taxes, and Farm Wage Rates (PPITW), at 107.0, is up 0.1 percent from April 2017 and 0.7 percent from May 2016. Higher prices in May for feeder cattle, other services, feed grains, and hay & forages more than offset lower prices for feeder pigs, concentrates, nitrogen, and supplements.