Farm Product Price Index Declines in September 2024

The Farm Product Price Index (FPPI) for September 2024 has been reported at 179.7, marking a decrease of 3.1% from the previous month. On a year-over-year basis, the FPPI fell by 5.9% compared to September 2023. This decline was primarily driven by a significant drop in the crops index, which decreased by 13.1%. The reduction in the crops index was largely due to lower prices for major grains, oilseeds, and specialty crops.

In contrast, the livestock and animal products index saw an increase of 3.3% over the same period. The cattle and calves price index rose by 6.7%, supported by a smaller cattle herd and strong demand, including increased exports of live cattle to the United States. The hogs and dairy indexes also reported gains, while the poultry and eggs indexes experienced declines.