USDA Agricultural Price Indices Experience Decline in January 2024
Source: The DairyNews
In a notable start to the year, the United States Department of Agriculture (USDA) reported a decline in agricultural price indices for January 2024.
The overall index of prices received in January witnessed a 1.4% decrease compared to December figures. This downturn was attributed to declines in corn, soybeans, milk, and lemons, which offset increases in calves, broilers, market eggs, and lettuce.
Specifically, the USDA's dairy index for January 2024 registered a 2.4% decrease from December and a substantial 13% decline from January 2023. The all-milk price stood at $20.10 per hundredweight, reflecting a decrease of $0.50 compared to the previous month and $3.00 year-on-year.
The index of prices paid experienced a marginal 0.1% dip, driven by decreases in costs for interest, diesel, nitrogen, and concentrates. This was counterbalanced by increases in taxes, feeder cattle, share rent, and other services.
In a year-over-year analysis, the index of prices received exhibited a significant 10% decline, while the index of prices paid saw a more modest drop of 1.8%.
Looking ahead, the USDA's agricultural price data for February is anticipated to be released at the end of March, providing further insights into the trajectory of the agricultural sector's economic indicators.
Specifically, the USDA's dairy index for January 2024 registered a 2.4% decrease from December and a substantial 13% decline from January 2023. The all-milk price stood at $20.10 per hundredweight, reflecting a decrease of $0.50 compared to the previous month and $3.00 year-on-year.
The index of prices paid experienced a marginal 0.1% dip, driven by decreases in costs for interest, diesel, nitrogen, and concentrates. This was counterbalanced by increases in taxes, feeder cattle, share rent, and other services.
In a year-over-year analysis, the index of prices received exhibited a significant 10% decline, while the index of prices paid saw a more modest drop of 1.8%.
Looking ahead, the USDA's agricultural price data for February is anticipated to be released at the end of March, providing further insights into the trajectory of the agricultural sector's economic indicators.
