Average price of all wheat soars to $11.70 in March

by FoodBusinessNews.net Staff
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WASHINGTON — The preliminary national average price received by farmers for all wheat in March reached a record high of $11.70 per bu, up $1.72 from $9.98 in February and $6.95 above the March 2007 average of $4.75, the U.S. Department of Agriculture said in its March Agriculture Prices report (click here to read report).

The national average price received for winter wheat in March also reached a record price of $11 per bu, up $2.03 from $8.97 in February and $6.33 above the March 2007 average of $4.67.

The average price for durum was a record high $14.50 a bu, up $1 from $13.50 in February and $9.18 above the March 2007 average of $5.32.

The price for spring wheat other than durum was record high at $12.50 a bu, $1.40 above the February average of $11.20 and $7.77 above the March 2007 average of $4.73.

The average price received for rice was $12.90 per cwt in March, up 40c from $12.50 in February and $2.90 above the March 2007 average of $10.

The preliminary index of prices received for food grains in March was 332% of the 1990-92 base of 100, up 15% from the revised February index of 289 and up 114% from 155 in March 2007.

The February index for feed grains was 206, up 6.2% from a revised 194 the previous month and 36% above the March 2007 index of 151. The average price received by farmers for corn in March was $4.83 per bu, up 30c from $4.53 in February and up $1.40 from $3.43 in March 2007. Farmers received an average of $8.72 per cwt for grain sorghum in March, up 37c from $8.35 in February and $2.24 above $6.48 in March 2007. The average price paid for oats in March was $3.38 a bu, up 18c from $3.20 in February and 98c above $2.40 in March 2007.

The U.S.D.A. index of March prices received for oil-bearing crops was 214, up 1.9% from a revised 210 in February and 71% above 125 in March 2007. The national average price paid to farmers for soybeans was $11.90 per bu, up 20c from $11.70 in February and $4.95 above $6.95 in March 2007. The average price paid for sunflowerseed was $24.10 a cwt, down 10c from $24.20 in February but $8.50 above $15.60 in March 2007.

The March index for dairy products was 140, down 4.1% from a revised 146 in February but up 18% from 119 a year ago. The average price paid for manufacturing grade milk in March was $18.30 per cwt, equal to the February level but $3.20 above $15.10 in March 2007.

The poultry and egg index was 170 in March, up 4.3% from 163 in February and 15% above 148 a year ago. The average price paid to farmers for all eggs was $1.38 per dozen in February, up 7c from $1.31 in February 55c above 83c in March 2007.

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