By Andi Anderson
In January 2024, Indiana farmers experienced varying price trends for key agricultural commodities compared to the previous month and the previous year. Here's a summary of the notable changes:
- Corn Prices: Corn prices remained unchanged from December, standing at $4.74 per bushel. However, there was a significant decrease of $1.76 compared to January of the previous year.
- Soybean Prices: Soybean prices saw a slight decline from the previous month, dropping by $0.20 to $13.20 per bushel. Compared to January of the previous year, soybean prices decreased by $1.20.
- Wheat Prices: Wheat prices experienced a modest increase of $0.14 from December, reaching $6.70 per bushel. Nonetheless, there was a notable decrease of $1.20 compared to January of the previous year.
- Milk Prices: Milk prices declined by $0.30 from the previous month, totaling $21.60 per hundredweight (cwt.). Compared to January of the previous year, milk prices witnessed a significant decrease of $2.30.
Nationally, the Prices Received Index for Agricultural Production in January 2024, based on 2011 values, decreased by 1.4 percent from December and by 10 percent from January 2023.
The Crop Production Index was down by 3.4 percent from the previous month and by 17 percent from the previous year. Conversely, the Livestock Production Index increased by 4.6 percent from December but decreased by 0.7 percent from January of the previous year.
Farmers received lower prices in January for commodities such as soybeans, milk, corn, and lemons, while prices increased for broilers, market eggs, lettuce, and calves. Factors influencing these indexes include both prices and the volume change of marketed commodities.
The data underscores the dynamic nature of agricultural economics, highlighting the importance of monitoring price fluctuations and market trends for informed decision-making in the farming sector.
Photo Credit: gettyimages-eugenesergeev
Categories: Indiana, Crops, Corn, Soybeans, Wheat