WASHINGTON, DC, US — US farmers received 4.5% more for their goods in November than in October, the US Department of Agriculture said in its latest Agricultural Prices report. At the same time, the price of goods, services and other costs paid by farmers was unchanged.
The November prices received index was 133.4% of the 2011 base, up 4.5% from October and up 23% from November 2021, the USDA said. Farmers received higher prices for soybeans, eggs, cattle and lettuce but lower prices for milk, hogs and cotton.
Further, the volume of sales increased for corn, milk, cattle and cotton but decreased for wheat, soybeans, grapes and lettuce. The food commodities index was 145.3, up 8.6% from October and up 27% from November 2021.
Select sectors of the prices received index included the food grains index at 124.7% of the 2011 base in November, up slightly from October and up 10% from a year earlier; the feed grains index at 108.6%, down slightly from October but up 24% from a year ago, with the average price of corn at $6.49 per bushel, down 1¢ from November but up $1.23 from November 2021; and the oilseeds index at 112%, up 3.7% from October and up 15% from a year earlier, with the average price of soybeans at $14 per bushel, up 50¢ from October and up $1.90 from November 2021.
Within the food grains index, the average price of all wheat paid to farmers in November was $9.16 per bushel, down 5¢ from October but up 64¢ from November 2021. The average price of winter wheat was $8.92 per bushel in November, down 22¢ from October but up $1.14 from a year earlier, including hard red winter at $9.09 per bushel, down 41¢ from October but up $1.44 from last year, and soft red winter at $8.07 per bushel, down 49¢ from October but up 76¢ from last year.
Durum prices averaged $10.40 per bushel, up 20¢ from October but down $3.60 from November 2021. Other spring wheat averaged $9.24 per bushel, up 9¢ from October and up 40¢ from last year, including hard red spring at $9.29 per bushel, up 11¢ from October and up 41¢ from last year. White wheat prices averaged $8.67 per bushel, up 23¢ from October and up 38¢ from last year. The average price of rice was $18 per cwt, up 50¢ from October and up $2.30 from a year ago.
For comparison, year-over-year price changes for select ingredients reported by World Grain sister publication Milling & Baking News included bakers standard patent flour (pan bread flour) on Dec. 30 at $22.25 per cwt, down 12% from a year earlier, spring standard patent at $24.35 per cwt, down 3%, soft wheat flour at $18.15 per cwt, down 6%, and semolina at $29.45 per cwt, down 35%.
Nearby (March) wheat futures ended 2022 at $8.88 a bushel in KC, up 86½¢, or 11%, from the end of 2021, at $7.92 a bushel in Chicago, up 21¼¢, or 3%, and at $9.38¾ a bushel in Minneapolis, down 43¼¢, or 4.4%. The Chicago March corn future closed at $6.78½ per bushel on Dec. 30, up 85¼¢, or 14%, from a year earlier, and the January soybean future ended at $15.19¼¢ per bushel, up $1.90½, or 14%, from 2021.
The prices paid index, which includes commodities and services, interest, taxes and wages, was 137.1% of the 2011 base in November, unchanged from October but up 11% from November 2021. Higher prices were paid for nitrogen, concentrates, feeder cattle and feeder pigs, while lower prices were paid for services, hay and forage, complete feeds and machinery.