2023 began with farm prices running below year earlier levels.

Participant: Gary Crawford

Transcript:

Not the best way to start a new year, but USDA reports the index of prices received by farmers during January was almost 1.5% below December, 10% below January of a year ago.

The indexes for both crops and livestock were below year-ago levels, but the news in the USDA report not all bad.

The index of prices farmers had to pay for goods and services down almost 2% from January of 2023.

A quick look at a few commodities now, corn losing 6 cents in January down to an average $4.74 a bushel, that's down $1.89 from January of 2023.

Wheat prices holding their ground in January at $6.79, but that's still $2 below a year ago.

Soybeans dropping 30 cents in January down to an average $12.80 a bushel, $1.70 less than a year ago.

For livestock producers, prices were below year-ago levels for just about all products except beef cattle, no surprise there, and broilers.

Gary Crawford for the U.S.

Department of Agriculture.