The prices of U.S. farm products continued to rise in March, reflecting the inflationary pressures gripping the U.S. economy and fears that the war in Ukraine and sanctions and Russia could lead to food shortages around the globe.
The Department of Agriculture said Friday that its index of prices received by U.S. farmers increased 6.3 percent from February and 31 percent from March 2021. The index tracks prices paid by initial buyers from U.S. farms, the first step of the food production chain in the U.S.
The index that tracks the costs farmers pay for commodities, services, taxes, interest and wages rose 1.4 percent from February and 13 percent from March 2021.
Crop prices were up 5.6 percent from last month and 23 percent from the previous year. Livestock prices increased 6.7 percent from February and were up 39 percent compared with a year ago.
Grain and oilseed: Up 5.5 percent from February and 28 percent from March 2021.
Feed grain: Up 7.4 percent from last month and 33 percent from a year ago. The corn price, at $6.56 per bushel, is up
46 cents from last month and $1.67 from March 2021.
Food grain: Up 6.1 percent from the previous month and 44 percent from a year ago. The March price for all wheat,
at $9.94 per bushel, is 77 cents higher than February and $4.08 higher than March 2021. The March price for rice, at $15.60 per cwt, is unchanged from February but $1.20 higher than March 2021.
Oilseed: Up 3.8 percent from February and 18 percent from March 2021. The soybean price, at $15.40 per bushel, is 60 cents higher than February and $2.20 higher than March a year earlier.
Vegetable and melon: Up 34 percent from the previous month and 68 percent from March 2021. Price increases during March for lettuce, onions, cauliflower, and celery more than offset price declines for broccoli, tomatoes, carrots, and sweet corn.
Other crop: Up 0.9 percent from the previous month and 23 percent from March 2021.
Meat: Up 2.9 percent from the previous month and 20 percent from a year earlier.
Dairy: Up 4.9 percent from the previous month and 50 percent from March a year ago.
Poultry and egg: Up 16 percent from February and 76 percent from March 2021.
Fruit and tree nut: Down 5.9 percent from February but up 3.6 percent from a year earlier. Price decreases during March for strawberries, grapefruit, and pears more than offset price increases for lemons, oranges, and apples.
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