LUBBOCK, TEXAS (RFD NEWS) — Prices received by U.S. farmers moved higher in March, but input costs also kept climbing, leaving the overall margin picture still tight. USDA said the March Prices Received Index for agricultural production rose 1.1 percent from February to 131.5, while the Prices Paid Index increased 0.5 percent to 160.4.
Crop prices were mixed. USDA said corn averaged $4.27 per bushel in March, up 16 cents from February, soybeans averaged $11.10, up 50 cents, and all wheat averaged $5.52, up 40 cents. Rice moved the other direction, falling 60 cents from February to $11.70 per hundredweight.
Livestock and dairy prices also shifted unevenly. The March beef cattle price averaged $236.00 per hundredweight, down $3.00 from February but up $34.00 from a year earlier. Hogs averaged $68.70, up $2.80 from February, and all milk averaged $19.70, up $1.40 from the previous month.
On the cost side, USDA said higher diesel, complete feed, gasoline, and LP gas prices more than offset declines in feeder cattle, concentrates, herbicides, and insecticides. The ratio of prices received to prices paid improved from 81 in February to 83 in March, but it remained well below 97 a year earlier.
The report leaves producers with a mixed outlook. March prices improved in several major categories, but higher input costs continued to limit the relief farmers actually saw.
Farm-Level Takeaway: March brought better prices for several commodities, but rising fuel and feed costs kept margins under pressure.
Tony St. James, RFD News Markets Specialist
March 15 of each year is the application deadline for the Pima Cotton Trust, and March 1 of each year is the application deadline for the Wool Trust. The law mandates trust payments by April 15. More information about these programs is available at www.fas.usda.gov/programs.
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