News

Farm Product Price Index Declines in September 2024

Justin Barber

06 Dec 2024 — 1 min read

The Farm Product Price Index (FPPI) for September 2024 recorded a decrease of 5.9% compared to the same month in the previous year. This decline was primarily driven by a significant drop in the crops index, which fell by 13.1%. The decrease in the crops index was attributed to lower prices for major grains, oilseeds, and specialty crops. Specifically, the grain index saw a reduction of 22.9%, with notable decreases in prices for durum, barley, and corn due to increased competition from other exporting countries.

In contrast, the livestock and animal products index experienced a rise of 3.3% in September 2024 compared to the previous year. This increase was supported by a 6.7% rise in the cattle and calves price index, driven by strong demand and a smaller cattle herd. Additionally, the hogs and dairy indexes reported gains, while the poultry and eggs indexes saw slight declines.

Overall, the FPPI's decline was largely offset by gains in the livestock sector, highlighting the varied performance across different agricultural product categories.

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