—Lancaster Farming. Saturday. Sapt. 14. 1974
18
Farm Price Index
Up 6 Points, Price
raid Up 5 Points
The Index of Prices
Received by Fanners in
creased 6 points (3 percent)
to 181 percent of its January-
December 1987 average
during the month ended
August 15,1974, according to
the USDA's Crop Reporting
Board. Contributing most to
the increase were higher
prices for corn, soybeans,
cattle, hogs, wheat, and
eggs. Lower prices lor
potatoes, lettuce, calves, and
apples were only partially
offsetting. The index was 27
points (13 percent) below the
record high set a year
earlier.
The Index of Prices Paid
by Farmers for Com
modities and Services, In
terest, Taxes, and Farm
Wage Hates for August 15
was 173, up 5 points (3 per
cent) from mid-July.
Sharply higher feed prices
contributed over two-thirds
of the index rise. The index
was 22 points (15 percent)
above August 1973. The
following contributed most
to the net change:
Prices Received by
Fanners
Feed Grains and Hay
The index of prices
received by fanners for feed
(grains and hay increased 36
points (15 percent) to 269
(1967-100) during the month
ended August 15. Record
high prices were received for
corn, oats, barley and grain
sorghum. Com, at $3.37 per
bushel, was up 46 cents from
a month earlier and 69 cents
from August 1973. Advances
of 13 to 22 percent were
recorded for the other feed
grains, while hay, at $51.10
per ton, was up 6 percent
from a month earlier. The
August index was 60 points
(29 percent) higher than a
year earlier.
Oil-Bearing Crops
The index of prices
received for oil-bearing
crops advanced 43 points (20
percent) to 259 during the
month ended August 15.
Soybeans, at $7.55 per
bushel, were up $1.45 from a
month earlier but still $1.44
below August 1973. Flaxseed
prices rose $2.20 per bushel
during the month to equal
the previous record $lO.BO of
March 1974. Marketing of the
1974 crops of peanuts and
cottonseed began during the
month at record high prices.
Cottonseed, at $105.00 per
ton, was $19.00 above August
1973. Peanuts, at 17.7 cents
per pound, were 2.7 cents
above August a year earlier.
Compared with August 1973
the index was down 16 points
(6 percent).
Meat Animals
The index of prices
received by farmers for
meat animals increased 6
points (4 percent) to 169
during the month ended
August 15. The index rise
reflected higher prices for
beef cattle and hogs. Lower
calf and lamb prices were
only slightly offsetting. Both
hogs and beef cattle
registered gains of $1.60 per
cwt during the month - beef
cattle prices averaged $36.60
per cwt and hogs $36.10.
Steer and heifer prices ac
counted for most of the beef
cattle increase as prices
averaged $40.30, $2.10 higher
than a month earlier while
slaughter cows, at $24.00,
were up 40 cents. Calf prices
were down $2.20 to average
$34.30. Lamb prices were off
20 cents at $38.00 but sheep,
at $10.60, averaged 20 cents
more than in mid-July.
Compared with a year
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earlier the index was down
83 points (33 percent).
Potatoes, Swcetpotatoes,
And Dry Beans
The index of prices
received for potatoes,
sweetpotatoes, and dry
beans declined 55 points (18
percent) to 259 during the
month ended August 15.
Lower potato prices were
primarily responsible for the
index decline although
prices were also lower for
dry edible beans and
sweetpotatoes. Growers
received an average of $4.97
per cwt for potatoes, a
decline of $1.37 from a month
earlier. Dry edible bean
prices dropped $2.20 from
the previous month and
sweetpotato prices were off
$1.70 per cwt.
Poultry And Eggs
The prices received index
for poultry and eggs in
creased 10 points (7 percent)
during the month to 146.
Higher egg prices accounted
for most of the increase. Egg
prices gained 4 cents to
average 47.2 cents per dozen.
Chickens excluding broilers
averaged 8.4 cents per
pound, almost 1 cent higher
than a month earlier and
turkeys at 26.6 cents were up
3.5 cents. Broilers were
unchanged at 20.4 cents. The
index was 87 points (37
percent) below a year ago.
Commercial Vegetables
The index of prices
received for commercial
vegetables declined 14 points
(10 percent) to 131 during the
month ended August 15.
Lower prices for lettuce and
celery were primarily
responsible for the index
decline. Lower cabbage,
tomato, cantaloupe, and
sweet corn prices also
contributed to the index
drop. Partially offsetting
were higher prices received
for onions, watermelons, and
green peppers. This moth’s
index was up 5 points (4
percent) from a year earlier.
Prices Paid By Farmers
The index of prices paid by
farmers for commodities
and services for mid-August
was 172 percent of its 1967
average, up 6 points (4
percent) from mid-July and
23 points (15 percent) above
a year earlier.
Production Index
Up Sharply
At 178, the August 15 index
of prices paid by farmers for
production goods was up 8
points (5 percent) from a
month earlier. Higher prices
for feed accounted for most
of the index increase with
feeder livestock and building
and fencing materials also
contributing. The index was
21 points (13 percent) above
August 1973.
Feed
The mid-August index of
prices paid by farmers for
feed was 208 percent of its
1967 base, 17 percent above
last month and 7 percent
above the previous record
high reached in August last
year. While all feed prices
increased from a month
earlier, feed grains and
mixed livestock and poultry
feeds contributed most to the
index rise.
Building and
Fencing Materials
The prices paid by fanners
at mid-August for building
and fencing materials
averaged 4 percent higher
than in mid-July. Metal and
masonry products accounted
for most of the increase.
Lumber prices averaged
slightly lower. The index was
29 percent above a year
earlier.
Feeder Livestock
The index of prices paid by
farmers for feeder livestock
increased 3 percent during
the month ended August 15,
to 138. Feeder cattle and
calves were responsible for
most of the index increase.
The index was 38 percent
below mid-August last year.
Family Living
Index Higher
Prices for all components
of the index of prices paid by
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farmers for family living
items averaged higher than
a month earlier. The August
15 index, at 184 percent of its
1967 average, was 3 points (2
percent) above a month
earlier and 23 points (16
percent) above August 1973.
Clothing And Textiles
Mid-August prices paid for
clothing and textiles were
about 4 percent above the
previous month. Increases
were reported for all items
surveyed. Clothing and
textile prices averaged 19
percent more than August a
year ago.
Food And Tobacco
August 15 prices paid by
farmers for food and tobacco
averaged Vfe percent above
mid-July. Prices for most
items were higher, with
meats and sweets showing
the sharpest price increases.
Vegetable prices averaged
lower. Prices were 12 per
cent above a year earlier.
Household Furnishings
Mid-August prices for
household furnishings
averaged 2 percent more
than a month earlier. Prices
were up for all types of
furnishings. Since August
last year prices increased 13
percent.
Editor’s Quote Book
He knows not his own
strength' who has not met
necessity.
—Ben Johnson
w
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