By Andi Anderson
The USDA's Feb. 29 report brought a blend of highs and lows. Livestock prices saw an overall surge, particularly evident in the significant increases for feeder cattle and feeder pigs. January marked a $14 and $3 per hundredweight rise, respectively, compared to the preceding month, with feeder cattle at $246 and feeder pigs at $116.
On the grain front, the market showcased a varied scenario. The national average price for corn stood firm at $4.74 per bushel, offering stability for corn producers. Conversely, soybeans experienced a dip, with prices averaging $12.80 per bushel. In Illinois, the soybean price slid to $13.00 per bushel from $13.30 in December 2023 and $14.30 a year ago.
Illinois mirrored the national trend in corn prices, showing a slight decrease from $4.84 in December to $4.69 in January. Winter wheat, however, exhibited mixed trends, rising to $6.17 from $5.98 the prior month but falling from $8.30 compared to the same period last year.
The market indices added an intriguing layer to the narrative. Prices paid for feed, fertilizer, and chemicals trended downward, while prices paid for fuel and machinery experienced a marginal uptick during the month.
Farmers and industry stakeholders navigate these market shifts, insights from the USDA report become pivotal for strategic decision-making. Understanding the dynamics of livestock and grain prices allows for informed choices in the ever-evolving agricultural landscape.
Photo Credit: gettyimages-artqu
Categories: Illinois, Crops, Corn, Soybeans, Livestock, Hogs, Beef Cattle