May Prices Received Index Increased 1.7 Percent
The May Prices Received Index (Agricultural Production), at 94.3, increased 1.7 percent from April 2018. At 89.0, the Crop Production Index increased 1.1 percent. The Livestock Production Index, at 97.7, increased 2.0 percent. Producers received higher prices for broilers, milk, hogs, and oranges but lower prices for market eggs, strawberries, apples, and calves. Compared with a year earlier, the Prices Received Index is down 3.9 percent. The Crop Production Index increased 3.4 percent but the Livestock Production Index decreased 8.5 percent. In addition to prices, the indexes are influenced by the volume change of commodities producers market. Increased monthly movement of cattle, broilers, hay, and sweet corn offset the decreased marketing of soybeans, hogs, calves, and apples. The Food Commodities Index, at 97.7, increased 1.8 percent from the previous month but decreased 5.8 percent from May 2017.
May Prices Paid Index Up 0.4 Percent
The May Prices Paid Index for Commodities and Services, Interest, Taxes, and Farm Wage Rates (PPITW), at 109.0, is up 0.4 percent from April 2018 and 2.0 percent from May 2017. Higher prices for complete feeds, other services, diesel, and LP gas more than offset lower prices for feeder pigs, feeder cattle, nitrogen, and herbicides.