Ag prices swoon

The air came out of the stock market and agricultural prices in October. From the Oct. 31 Ag Prices report, price swoons for grain commodities highlight the report.
From the USDA:

The preliminary All Farm Products Index of Prices Received by Farmers in October, at 145 percent, based on 1990-92=100, decreased 9 points (5.8 percent) from September. The Crop Index is down 17 points (9.8 percent) and the Livestock Index decreased 5 points (3.8 percent). Producers received lower prices for corn, soybeans, wheat, and cattle and higher prices for sweet corn, broccoli, lettuce, and eggs. 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 marketings of soybeans, corn, cottonseed, and cotton offset decreased marketings of milk, wheat,sweet corn, and grapes.

The preliminary All Farm Products Index is up 4 points (2.8 percent) from October 2007. The Food Commodities Index, at 144, decreased 8 points (5.3 percent) from last month but was unchanged from October 2007. The October Index of Prices Paid for Commodities and Services, Interest,Taxes, and Farm Wage Rates (PPITW) is 188 percent of the 1990-92 average. The index is down 3 points (1.6 percent) from September but 25 points(15 percent) above October 2007. Lower prices in October for diesel fuel,feed grains, feeder cattle, and LP gas more than offset higher prices for potash & phosphate materials, feed concentrates, mixed fertilizers, and other machinery.

About fruits and vegetables....

Fruits & Nuts: The October index, at 164, is down 2.4 percent from September and 4.7 percent lower than a year ago. Price decreases for apples, grapes,and oranges more than offset price increases for grapefruit, pears, and strawberries.

Commercial Vegetables: The October index, at 181, is up 5.8 percent from last month but 7.7 percent below October 2007. Price increases during October for broccoli, lettuce, sweet corn, and onions more than offset price declines for snap beans, tomatoes, and carrots.

Potatoes & Dry Beans: The October index, at 142, is down 11 percent from last month but 37 percent above October 2007. The all potato price, at $7.86 per cwt, is down 93 cents from September but up $2.18 from last October. The all dry bean price, at $33.80 per cwt, is down $3.00 from the previous month but $7.90 above October 2007.