Both USDA farmer pricing indexes fell in December. The USDA reported a 0.4% drop in prices due to losses in cattle, pigs, milk, and turkeys offsetting increases in maize, broilers, eggs, and onions. According to the USDA’s December 2023 dairy index, all milk prices were $20.60 per hundredweight, down 5.1% from November and 16% from December 2022. The index of prices paid fell 0.5% as feeder cattle, complete feeds, diesel, and gasoline fell while feeder pigs, potash & phosphate, nitrogen, and LP gas rose. Prices received fell 18% and prices paid fell 0.6% in 2023, representing farmers’ and ranchers’ losses.
