By Scout Nelson
Farmers always keep a keen eye on the prices they receive for their produce. In Minnesota, September 2023 gave some interesting insights. According to the latest USDA National Agricultural Statistics Service report, there have been some noticeable shifts in prices when comparing to previous months and the previous year.
Corn stood at $5. 16 per bushel, dropping 43 cents from August and a significant $1.97 from September 2022. Soybeans followed a similar trend. Priced at $12.90 per bushel, it was 70 cents less than August and a dollar less than last September. Spring wheat didn't fare much better. At $7.21 per bushel, it was down 51 cents from August and $1.80 from the previous year.
Hay presented a mixed bag. While the overall hay prices remained constant from August at $151.00 per ton, it was $3.00 more than last September. Alfalfa hay saw a dip to $165.00, dropping $5.00 from both August and September 2022. In contrast, other hay types increased in price from the last year, averaging at $128.00 per ton in September, despite being $4.00 less than August.
Milk prices seemed to be on the rise, priced at $20.50 per cwt, an increase of $1.10 from August. It was still $2.60 less compared to September 2022. On the dairy front, the replacement cost for milk cows was pegged at $1,810 per head as of October 1, 2023.
For farmers and stakeholders, these shifts in prices emphasize the need for market analysis, future predictions, and strategic planning to maximize profitability and sustainability in the agricultural sector.
Photo Credit - pexels-karolina-grabowska
Categories: Minnesota, Business