Missouri Commodity, Labor, and Land Values. Historical Summary and. Seasonal Trends

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1 Missouri Commodity, Labor, and Land Values Historical Summary and Seasonal Trends Winter 2000

2 Agricultural Commodity & Land Prices Reference Information This information has been put together as a reference guide to help in making production, marketing, and management decisions. Long-term price trends can be helpful in making decisions regarding enterprise choices and investment decisions regarding enterprise choices and investment decisions. Additionally, understanding seasonal price trends can be useful in making marketing and production decisions. This book contains ten years of monthly cash prices on agricultural commodities and six years of annual land values and cash rent in Missouri. Prices represent state average prices reported in the Missouri Agricultural Statistics annual publications. While price levels may be higher, or lower, in specific areas of the state, this information is still useful for determining trends. The source of the prices is listed on each table and in most cases is Missouri Agricultural Statistics. In addition to prices, the most recent five and ten year average has been calculated as well as a five and ten year seasonal index. The seasonal index is abbreviated as S.I. in the tables. The seasonal index is calculated by dividing the monthly average price by the average price for the year. An index of 1.0 for a given month implies the average price for that month has been equal to the annual average price. An index value greater than 1.0 indicates the average price for that month has been greater than the annual average, i.e., an index number of 1.05 indicates the monthly average price has average 5 percent more than the annual average price. The seasonal index has been calculated to show that different seasonal trends exist for the alternative commodities. If the five-year seasonal index has a considerably different "shape" than the ten-year index this is an indication that there was a considerable amount of variability in the price-seasonal relationship. Alternatively, a similar pattern for both the five- and ten-year indexes indicates seasonal price patterns tend to be fairly stable over time. Joe Parcell Assistant Professor & Extension Economist University of Missouri-Columbia parcellj@missouri.edu 1

3 NW NC NE WC C EC SW SC SE 2

4 Table of Contents LABOR: Page Nominal Agricultural Labor Rates 4 Real Agricultural Labor Rates 4 LAND VALUES and CASH RENTS: Farmland Price by District 5 Cropland Cash Rent by District 6 Pasture Cash Rent by District 7 GRAINS and HAY: Corn 8 Sorghum 9 Soybean 10 Wheat 11 All Hay 12 Alfalfa 13 Iowa Oat 14 U.S. Upland Cotton 15 U.S Rice 16 LIVESTOCK: Barrows and Gilts 17 Sows 18 All Beef 19 Steers and Heifers 20 Cows 21 Calf 22 Lamb 23 Turkey 24 U.S. Catfish 25 Fluid Milk 26 Market Eggs 27 U.S. FRUITS and VEGETABLES: Carrot 28 Lettuce 29 Sweet Corn 30 Apple 31 Tomato 32 Onion 33 Strawberry 34 3

5 Quarterly Estimated Nominal Agricultural Labor Rates Querterly Estimated Nominal Ag Labor Rates ($/hour) Field Livestock 3 Quarterly Estimated Real Agricultural Labor Rates (Deflated by CPI, =100) Quarterly Estimted Real Ag Labor Rates $/hour Field Livestock 3 4

6 Missouri Farmland Prices by District Year NW NC NE WC C EC SW SC SE State $700 $570 $615 $745 $610 $935 $750 $515 $925 $684 $705 $580 $635 $755 $630 $965 $770 $535 $945 $701 $720 $620 $680 $755 $660 $975 $775 $560 $965 $723 $740 $590 $690 $805 $695 $1,115 $900 $600 $1,115 $774 $800 $640 $740 $870 $735 $1,160 $950 $650 $1,160 $825 $850 $680 $810 $930 $790 $1,210 $1,020 $700 $1,220 $880 $910 $730 $880 $1,000 $880 $1,280 $1,100 $760 $1,300 $950 $960 $750 $950 $1,050 $960 $1,360 $1,190 $800 $1,370 $1,010 $1,010 $780 $1,000 $1,100 $1,020 $1,450 $1,310 $860 $1,430 $1,070 $1,040 $810 $1,030 $1,140 $1,050 $1,480 $1,330 $890 $1,460 $1, year Average $954 $750 $934 $1,044 $940 $1,356 $1,190 $802 $1,356 $1,002 % Change previous year 3% 4% 3% 4% 3% 2% 2% 3% 2% 3% % change from 5 years ago 22% 19% 27% 23% 33% 22% 30% 27% 20% 25% Missouri Farmland Percentage Change in Value from Previous Year Year NW NC NE WC C EC SW SC SE State N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 0.71% 1.75% 3.25% 1.34% 3.28% 3.21% 2.67% 3.88% 2.16% 2.49% 2.13% % 0.00% 4.76% 1.04% 0.65% 4.67% 2.12% 3.14% 2.78% -4.84% 1.47% 6.62% 5.30% 14.36% 16.13% 7.14% 15.54% 7.05% 8.11% 8.47% 7.25% 8.07% 5.76% 4.04% 5.56% 8.33% 4.04% 6.59% 6.25% 6.25% 9.46% % 4.31% 7.37% 7.69% 5.17% 6.67% 7.06% 7.35% 8.64% 7.53% 11.39% 5.79% 7.84% 8.57% 6.56% 7.95% 5.49% 2.74% 7.95% 5.00% 9.09% 6.25% 8.18% 5.26% 5.38% 6.32% 5.21% 4.00% 5.26% 4.76% 6.25% 6.62% 10.08% 7.50% 4.38% 5.94% -8.27% -7.41% -9.32% -8.42% % -8.38% % -9.89% -7.12% -8.91% 5- year Average 3.15% 2.59% 4.40% 3.15% 4.75% 2.92% 4.59% 3.83% 2.87% 3.59% 5

7 Missouri Cropland Cash Rent Year NW NC NE WC C EC SW SC SE State $60.80 $57.00 $63.00 $52.00 $57.00 $69.00 $56.00 $57.00 $68.00 $59.80 $63.00 $61.00 $69.00 $55.20 $59.50 $67.20 $53.00 $52.00 $73.50 $61.90 $66.00 $63.50 $70.50 $51.00 $57.50 $67.40 $48.50 $55.50 $75.00 $62.20 $61.00 $58.20 $65.60 $49.00 $56.00 $61.00 $43.50 $52.00 $71.50 $58.20 $64.50 $64.00 $71.50 $59.50 $62.00 $68.50 $48.00 $58.70 $76.00 $64.10 $55.50 $54.10 $62.10 $45.30 $48.10 $57.50 $40.60 $49.20 $69.50 $55.10 $52.20 $49.10 $57.10 $41.30 $43.20 $55.20 $37.90 $45.30 $65.80 $51.10 $51.00 $48.00 $56.00 $40.00 $42.00 $54.00 $37.00 $44.00 $65.00 $50.00 $58.00 $52.00 $61.00 $46.00 $48.00 $60.00 $42.00 $49.00 $73.00 $56.00 $60.00 $53.00 $62.00 $46.00 $48.00 $60.00 $41.00 $49.00 $75.00 $56.00 $63.00 $55.00 $64.00 $48.00 $50.00 $62.00 $42.00 $50.00 $77.00 $ year Average $54.18 $50.80 $59.05 $43.15 $45.33 $56.68 $39.38 $46.88 $68.33 $53.05 % Change previous year 5% 4% 3% 4% 4% 3% 2% 2% 3% 5% % change from 5 years ago 21% 12% 12% 16% 16% 12% 11% 10% 17% 15% Missouri Cropland Cash Rent Percentage Change in Value from Previous Year Year NW NC NE WC C EC SW SC SE State N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 3.62% 7.02% 9.52% 6.15% 4.39% -2.61% -5.36% -8.77% 8.09% 3.51% 4.76% 4.10% 2.17% -7.61% -3.36% 0.30% -8.49% 6.73% 2.04% 0.48% -7.58% -8.35% -6.95% -3.92% -2.61% -9.50% % -6.31% -4.67% -6.43% 5.74% 9.97% 8.99% 21.43% 10.71% 12.30% 10.34% 12.88% 6.29% 10.14% % % % % % % % % -8.55% % -5.95% -9.24% -8.05% -8.83% % -4.00% -6.65% -7.93% -5.32% -7.26% -2.30% -2.24% -1.93% -3.15% -2.78% -2.17% -2.37% -2.87% -1.22% -2.15% 13.73% 8.33% 8.93% 15.00% 14.29% 11.11% 13.51% 11.36% 12.31% 12.00% 3.45% 1.92% 1.64% 0.00% 0.00% 0.00% -2.38% 0.00% 2.74% 0.00% 5.00% 3.77% 3.23% 4.35% 4.17% 3.33% 2.44% 2.04% 2.67% 5.36% 5- year Average 2.79% 0.51% 0.76% 1.47% 1.10% 1.65% 0.91% 0.52% 2.23% 1.59% 6

8 Missouri Pasture Cash Rent Year NW NC NE WC C EC SW SC SE State $24.00 $20.70 $24.00 $22.00 $22.30 $22.00 $23.00 $24.00 $26.00 $22.80 $25.00 $22.30 $25.40 $22.40 $25.30 $23.20 $24.50 $23.40 $28.00 $24.10 $25.80 $24.80 $26.70 $22.50 $23.90 $25.40 $23.40 $22.70 $27.30 $24.10 $26.00 $23.60 $27.80 $24.50 $24.40 $23.50 $21.90 $21.00 $26.00 $23.70 $25.20 $22.60 $25.50 $22.00 $22.40 $23.50 $22.30 $20.50 $24.00 $22.60 $21.60 $19.20 $20.00 $18.50 $18.70 $18.30 $17.20 $16.70 $19.50 $18.50 $19.50 $17.60 $17.50 $16.40 $16.00 $16.30 $15.00 $15.40 $17.20 $16.40 $23.00 $20.50 $22.00 $20.00 $20.00 $20.00 $19.00 $18.20 $21.00 $20.00 $22.00 $19.50 $21.00 $19.00 $19.00 $19.00 $18.00 $17.20 $20.00 $19.00 $20.00 $19.00 $20.00 $18.00 $18.00 $18.00 $17.50 $16.00 $19.00 $18.00 $21.00 $19.50 $20.50 $18.50 $18.50 $18.50 $18.50 $16.00 $19.00 $ year Average $21.53 $19.20 $20.13 $18.48 $18.43 $18.40 $17.30 $16.88 $19.43 $18.48 % Change from previous year 5% 3% 3% 3% 3% 3% 6% 0% 0% 3% % Change from 5 years ago 8% 11% 17% 13% 16% 13% 23% 4% 10% 13% Missouri Pasture Cash Rent Percentage Change in Value from Previous Year Year NW NC NE WC C EC SW SC SE State N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 4.17% 7.73% 5.83% 1.82% 13.45% 5.45% 6.52% -2.50% 7.69% 5.70% 3.20% 11.21% 5.12% 0.45% -5.53% 9.48% -4.49% -2.99% -2.50% 0.00% 0.78% -4.84% 4.12% 8.89% 2.09% -7.48% -6.41% -7.49% -4.76% -1.66% -3.08% -4.24% -8.27% % -8.20% 0.00% 1.83% -2.38% -7.69% -4.64% % % % % % % % % % % -9.72% -8.33% % % % % % -7.78% % % 17.95% 16.48% 25.71% 21.95% 25.00% 22.70% 26.67% 18.18% 22.09% 21.95% -4.35% -4.88% -4.55% -5.00% -5.00% -5.00% -5.26% -5.49% -4.76% -5.00% -9.09% -2.56% -4.76% -5.26% -5.26% -5.26% -2.78% -6.98% -5.00% -5.26% 5.00% 2.63% 2.50% 2.78% 2.78% 2.78% 5.71% 0.00% 0.00% 2.78% 5- year Average -0.04% 0.67% 1.28% 0.62% 0.62% 0.86% 2.31% -0.41% 0.11% 0.62% 7

9 Missouri Corn Prices (Average Price Received by Farmers) /89 89/90 90/91 91/92 92/93 93/94 94/95 95/96 96/97 97/98 98/99 99/00 Avg. S.I. Avg. S.I. Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Avg Low High Missouri Corn Price Missouri Corn Seasonal Price Index 5 120% $/Bu % % Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 9

10 Missouri Grain Sorghum Prices (Average Price Received by Farmers) /89 89/90 90/91 91/92 92/93 93/94 94/95 95/96 96/97 97/98 98/99 99/00 Avg. S.I. Avg. S.I. Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Avg Low High Missouri Grain Sorghum Price Missouri Grain Sorghum Seasonal Price Index $/Cwt % 106% 102% 98% 94% Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 10

11 Missouri Soybean Prices (Average Price Received by Farmers) /89 89/90 90/91 91/92 92/93 93/94 94/95 95/96 96/97 97/98 98/99 99/00 Avg. S.I. Avg. S.I. Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Avg Low High Missouri Soybean Price Missouri Soybean Seasonal Price Index % 106% $/Bu % 98% 94% 4 Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 11

12 Missouri Wheat Prices (Average Price Received by Farmers) /89 89/90 90/91 91/92 92/93 93/94 94/95 95/96 96/97 97/98 98/99 99/00 Avg. S.I. Avg. S.I. Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Avg Low High Missouri Wheat Price 110% Missouri Wheat Seasonal Price Index $/Bu Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May 12

13 Missouri All Hay Prices (Average Price Received by Farmers) /89 89/90 90/91 91/92 92/93 93/94 94/95 95/96 96/97 97/98 98/99 99/00 Avg. S.I. Avg. S.I. Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Avg Low High Missouri Hay Price 110% Missouri Hay Seasonal Price Index $/ton Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May 13

14 Missouri Alfalfa Prices (Average Price Received by Farmers) /89 89/90 90/91 91/92 92/93 93/94 94/95 95/96 96/97 97/98 98/99 99/00 Avg. S.I. Avg. S.I. Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Avg Low High Missouri Alfalfa Price 105% Missouri Alfalfa Seasonal Price Index $/ton % Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May 14

15 Iowa Oat Prices (Average Price Received by Farmers) Source: Iowa Agricultural Statistics /89 89/90 90/91 91/92 92/93 93/94 94/95 95/96 96/97 97/98 98/99 99/00 Avg. S.I. Avg. S.I. Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Avg Low High Iowa Oat Price Iowa Oat Seasonal Price Index % % - - $/Bu % Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May 15

16 U.S. Upland Cotton Prices (Average Price Received by Farmers) Source: United States Department of Agriculture /89 89/90 90/91 91/92 92/93 93/94 94/95 95/96 96/97 97/98 98/99 99/00 Avg. S.I. Avg. S.I. Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Avg Low High U.S. Cotton Price U.S. Cotton Seasonal Price Index % $/Lb % Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May 16

17 U.S. Rice Prices (Average Price Received by Farmers) Source: United States Department of Agriculture /89 89/90 90/91 91/92 92/93 93/94 94/95 95/96 96/97 97/98 98/99 99/00 Avg. S.I. Avg. S.I. Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Avg Low High U.S. Rice Price U.S. Rice Seasonal Price Index $/cwt % 95% % Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May 17

18 Missouri Barrow and Gilt Prices (Average Price Received by Farmers) - - Avg. S.I. Avg. S.I. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Avg Low High Missouri Barrow and Gilt Price 120% Missouri Barrow and Gilt Seasonal Price Index % $/Cwt % Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 18

19 Missouri (All) Beef Cattle Prices (Average Price Received by Farmers) - - Avg. S.I. Avg. S.I. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Avg Low High Missouri Beef Cattle Price 104% Missouri Beef CattleSeasonal Price Index 102% 80 $/Cwt % 96% 94% 92% % Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 19

20 Missouri Steers and Heifers Prices (Average Price Received by Farmers) - - Avg. S.I. Avg. S.I. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Avg Low High Missouri Steers and Heifers Price 105% Missouri Steers and Heifers Seasonal Price Index % $/Cwt % % Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 20

21 Missouri Cow (Milk Cows not included) Prices (Average Price Received by Farmers) - - Avg. S.I. Avg. S.I. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Avg Low High Missouri Cow Price 110% Missouri Cow Seasonal Price Index % $/Cwt % 45 85% % Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 21

22 Missouri Calf Prices (Average Price Received by Farmers) - - Avg. S.I. Avg. S.I. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Avg Low High Missouri Calf Price 106% Missouri Calf Seasonal Price Index 104% % $/Cwt % 96% 94% 92% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 22

23 U.S. Slaughter Lamb Prices, $/lb. (Average Price Received by Farmers) Source: United States Department of Agriculture - - Avg. S.I. Avg. S.I. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Avg Low High U.S. Slaughter Lamb Price U.S. Slaughter Lamb Seasonal Price Index 115% $/cwt % 105% 95% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 23

24 Missouri Turkey Prices (Average Price Received by Farmers) - - Avg. S.I. Avg. S.I. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Avg Low High Missouri Turkey Price 120% Missouri Turkey Seasonal Price Index $/Lb % % Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 24

25 U.S. Catfish Prices, $/lb. (Average Price Received by Farmers) Source: United States Department of Agriculture - - Avg. S.I. Avg. S.I. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Avg Low High U.S. Catfish Price 105% U.S. Catfish Seasonal Price Index $/lb % 101% 99% 97% % Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 25

26 Missouri Average Fluid Milk Prices (Average Price Received by Farmers) - - Avg. S.I. Avg. S.I. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Avg Low High Missouri Fluid Milk Price Missouri Fluid Milk Seasonal Price Index 110% % - $/Cwt % 98% 94% - 10 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 26

27 Missouri Market Egg Prices (Average Price Received by Farmers) - - Avg. S.I. Avg. S.I. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Avg Low High Missouri Market Eggs Price 130% Missouri Market Eggs Seasonal Price Index % - - $/Dozen % % % Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 27

28 U.S. Carrot Prices, $/cwt. (Average Price Received by Farmers) Source: United States Department of Agriculture - - Avg. S.I. Avg. S.I. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Avg Low High U.S. Carrot Price U.S. Carrot Seasonal Price Index $/cwt % 110% % Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 28

29 U.S. Lettuce Prices, $/cwt. (Average Price Received by Farmers) Source: United States Department of Agriculture - - Avg. S.I. Avg. S.I. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Avg Low High U.S. Lettuce Price U.S. Lettuce Seasonal Price Index % $/cwt % 80% % Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 29

30 U.S. Sweet Corn Prices, $/cwt. (Average Price Received by Farmers) Source: United States Department of Agriculture - - Avg. S.I. Avg. S.I. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Avg Low High U.S. Sweet Corn Price U.S. Sweet Corn Seasonal Price Index 140% 42 - $/cwt % 80% % Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 30

31 U.S. Apple Prices, $/cwt. (Average Price Received by Farmers) Source: United States Department of Agriculture - - Avg. S.I. Avg. S.I. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Avg Low High U.S. Apple Price U.S. Apple Seasonal Price Index $/cwt % % Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 31

32 U.S. Tomatoe Prices, $/cwt. (Average Price Received by Farmers) Source: United States Department of Agriculture - - Avg. S.I. Avg. S.I. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Avg Low High U.S. Tomatoe Price U.S. Tomatoe Seasonal Price Index % $/cwt % 110% % Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 32

33 U.S. Onion Prices, $/cwt. (Average Price Received by Farmers) Source: United States Department of Agriculture - - Avg. S.I. Avg. S.I. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Avg Low High U.S. Onion Price U.S. Onion Seasonal Price Index % $/cwt % % Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 33

34 U.S. Strawberry Prices, $/cwt. (Average Price Received by Farmers) Source: United States Department of Agriculture - - Avg. S.I. Avg. S.I. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Avg Low High U.S. Strawberry Price 210% U.S. Strawberry Seasonal Price Index $/cwt % 130% % Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 34