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U.S. Farm Returns Dip 4% in October
WASHINGTON - Oct 29/04 - SNS -- Average returns from the sale of agricultural commodities declined in the United States in August, with the result the USDA's preliminary All Farm Products Index of Prices Received by Farmers was down four points at 111, based on 1990-92=100.
Declines occurred in both the Crop Price Index and the Livestock Price Index. The Crop Index declined 6 points (5.4%) from September while the Livestock Index decreased 1 point (0.8%).
Producers received higher commodity prices for lettuce, tomatoes, oranges, grapes, and cucumbers. Lower prices were received for corn, soybeans, hogs, broilers, and potatoes.
The seasonal change in the mix of commodities farmers sell, based on the past 3-year average, also affects the overall index.
Increased average marketings of soybeans, corn, and cotton offset decreased marketings of dairy, grapes, and sweet corn. The preliminary All Farm Products Index is down 2 points (1.8%) from October 2003.
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