Market News & Headlines >> July U.S. Wheat Price at 5-Year Low

Corn and soybean prices received by U.S. farmers bounced modestly in July amid crop weather concerns, while wheat prices fell to a new five-year low, according to the monthly Agricultural Prices report released by USDA on Monday.

After bouncing 10 cents in June to $5.43 per bushel, the average price received by U.S. producers for all wheat varieties fell 20 cents or 3.7% in July to $5.23. The monthly average price was the lowest since July of 2010, when wheat producers received an average price of only $4.49 per bushel.

Corn prices received by U.S. producers in July averaged $3.80 per bushel, up 22 cents or 6.1% from the June average of $3.58, but down 26 cents or 6.4% from a year earlier, USDA’s National Agricultural Statistics Service. July soybean prices received by U.S. producers averaged $9.96 per bushel, up 38 cents or 4.0% from the June average of $9.58, but down a sharp $3.14 or 24.0% from a year earlier.

The July Prices Received Index for all agricultural production was 99, down 5.7% from June. At 86, the Crop Production Index decreased 2.3%. At 115, the Livestock Production Index fell 5.0%. The Prices Received Index was down 10% from a year earlier, with the Food Commodities Index, at 105, down 7.1% from June and 13% from July 2014.

NASS reported producers received lower prices for broilers, cattle, strawberries, and lettuce but higher prices for corn, cantaloupes, soybeans, and sweet corn. In addition the index was influenced by the monthly mix of commodities marketed by producers. Increased monthly movement of wheat, grapes, hay, and cotton offset the decreased marketing of cattle, milk, oranges, and broilers.

The July Index of Prices Paid for Commodities and Services, Interest, Taxes, and Farm Wage Rates (PPITW), at 109, was unchanged from June but is down 3.5% from July 2014. Lower prices in July for feeder cattle, feeder pigs, nitrogen, and potash & phosphate offset higher prices for concentrates, complete feeds, feed grains, and milk cows.