Farm income higher, spending lower in March
Farm income rose from February to March while expenditures eased slightly.
The USDA’s index of prices received was up 3.1% on the month as higher prices for hogs, broilers, market eggs, and lettuce canceled out lower prices for cattle, corn, milk, and lemons. The index of prices paid was down 0.9% with decreases for feeder cattle, feeder pigs, field crops, and LP gas cancelling out increases for nitrogen, potash, mixed fertilizer, and supplements. Year to year, the index of prices received was unchanged and the index of prices paid was 0.7% lower.
The dairy index for March 2020 was 4.7% lower than February but 2.3% higher than March 2019. The monthly all milk of $18 per hundredweight was down $.90 on the month but up $.40 on the year.
The USDA’s next set of price projections for the current marketing year is out May 12th.