Commodity prices rising, but not as fast as costs
Farmers may face break-even year, Didier says
Last updated 7/26/2023 at 4:59pm
ELTOPIA - With world politics and economics unstable, agriculture leaders are noting the value of local commodities has increased, but so have costs.
The U.S. Wheat Association reported a rise in wheat pricing by an average of 23 cents. Corn rose 20 cents and soybeans rose 29 cents in their third weekly price report for the month of July.
The report noted the price hikes may be due in part to the European Union's request that the ban on Ukrainian wheat imports be extended as well as the subsequent Russian bombing of the Ukrainian port Odesa.
Franklin County Commissioner Clint Didier operates a large agricultural operation near Eltopia.
According to Didier, while the prices may be rising for grain, corn and soy is increasing, the cost of farming equipment and related general maintenance far exceeds commodity price hikes.
"This is more than likely a break-even year," Didier said.
He noted a similarly negative outlook for livestock, observing that most of the Franklin County farming families he knows have downsized their herds.
"Beef prices are high," Didier said, noting the increasing cost isn't keeping up with costs to own and raise cattle.
According to the U.S. Department of Agriculture's marketing service, this week's beef price is higher than last year.
Live beef prices hit an all-time high this past week, clocking in at $183.27 per 100 pounds, the USDA reported.