Farm Product Price Index Declines in June 2024
The Farm Product Price Index (FPPI) for June 2024 has been reported at 187.1, reflecting a decrease of 1.2% from the previous month. Year-over-year, the FPPI fell by 1.3%, marking the sixth consecutive month of decline and the smallest decrease since the beginning of 2024.
Key Details:
- Crops Index: The crops index decreased by 8.2% year-over-year, continuing its decline for 18 months. The grain index fell by 14.4%, influenced by lower prices for barley (-24.4%), corn (-22.8%), and wheat (-14.9%). However, oat prices rose by 18.7%, partially offsetting the decline.
- Oilseeds Index: This index decreased by 12.8%, with soybean prices down by 16.7% and canola prices down by 13.6%. Canola exports also saw a decline of 15.9% in the first 11 months of the 2023/2024 crop year compared to the previous year.
- Livestock Index: In contrast, the livestock and animal products price index rose by 8.8% year-over-year, marking the fourth consecutive month of increases. The cattle and calves price index increased by 10.8%, supported by a smaller cattle herd and increased exports. The hogs price index also saw a significant rise of 15.2%.
- Poultry and Eggs: Both the poultry and eggs indexes reported declines of 5.1% and 1.0%, respectively, while the dairy index increased by 5.7%.