FAPRI Price Outlook
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Prices (Dollars) 98/99 99/00 00/01 01/02 02/03 03/04 04/05 05/06 06/07 07/08 08/09
Corn
Farm Price/bu. $1.94 $2.00 $2.06 $2.10 $2.17 $2.24 $2.29 $2.35 $2.39 $2.43 $2.50
Loan Rate/bu. $1.89 $1.89 $1.89 $1.75 $1.66 $1.66 $1.70 $1.75 $1.80 $1.85 $1.89
Contract Payment/bu. $0.56 $0.36 $0.33 $0.27 $0.26 $0.26 $0.26 $0.26 $0.26 $0.26 $0.26
Wheat
Farm Price/bu. $2.66 $2.98 $3.15 $3.25 $3.34 $3.46 $3.54 $3.64 $3.66 $3.69 $3.74
Loan Rate/bu. $2.58 $2.58 $2.58 $2.43 $2.39 $2.53 $2.58 $2.58 $2.58 $2.58 $2.58
Contract Payment/bu. $0.99 $0.64 $0.58 $0.47 $0.45 $0.45 $0.45 $0.45 $0.45 $0.45 $0.45
"Sorghum, Barley & Oats"
Sorghum $1.70 $1.86 $1.92 $1.98 $2.05 $2.12 $2.17 $2.22 $2.26 $2.30 $2.38
Barley $1.96 $1.99 $2.03 $2.06 $2.13 $2.18 $2.22 $2.26 $2.29 $2.33 $2.39
Oats $1.07 $1.12 $1.22 $1.27 $1.31 $1.36 $1.39 $1.42 $1.44 $1.45 $1.48
Soybean
Farm Price/bu. $5.33 $5.08 $5.18 $5.30 $5.39 $5.43 $5.53 $5.58 $5.68 $5.72 $5.85
Loan Rate/bu. $5.26 $5.26 $5.25 $4.92 $4.92 $4.92 $4.92 $4.92 $4.92 $4.92 $4.92
48% Meal Price/ton $143.58 $141.75 $147.90 $154.43 $160.75 $164.79 $169.42 $173.38 $177.48 $179.35 $184.45
Oil Price/cwt $24.57 $24.51 $24.44 $24.07 $23.57 $23.14 $23.10 $22.98 $23.17 $23.43 $23.86
Crushing Margin/bu. $0.65 $0.70 $0.74 $0.75 $0.77 $0.78 $0.79 $0.82 $0.85 $0.89 $0.94
Upland Cotton
Season Avg. Price/lb. $0.62 $0.54 $0.53 $0.55 $0.58 $0.60 $0.62 $0.64 $0.65 $0.67 $0.68
Calendar Avg. Price/lb. $0.66 $0.58 $0.54 $0.55 $0.57 $0.59 $0.61 $0.63 $0.65 $0.66 $0.68
Loan Rate/lb. $0.52 $0.52 $0.52 $0.52 $0.50 $0.50 $0.50 $0.50 $0.51 $0.52 $0.52
Contract Payment/lb. $0.12 $0.08 $0.07 $0.06 $0.06 $0.06 $0.06 $0.06 $0.06 $0.06 $0.06
U.S. Rice
Season Avg. Price/cwt $9.00 $8.61 $8.67 $8.79 $8.85 $9.02 $9.06 $9.22 $9.28 $9.35 $9.45
Loan Rate/cwt $6.50 $6.50 $6.50 $6.50 $6.50 $6.50 $6.50 $6.50 $6.50 $6.50 $6.50
Contract Payment/cwt $4.35 $2.82 $2.60 $2.11 $2.04 $2.04 $2.04 $2.04 $2.04 $2.04 $2.04
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Source: FAPRI
"Note: loan rates/bushel and contract program payments/bushel are established through 2002, after which they are forecasted."
Unit 98/99 99/00 00/01 01/02 02/03 03/04 04/05 05/06 06/07 07/08 08/09
Beef
1100 - 1300 #,
Nebraska Direct Steers $/cwt. $61.48 $65.71 $69.30 $72.78 $75.52 $74.56 $73.18 $70.91 $69.42 $71.17 $74.57
600 - 700 #, Oklahoma
City Feeder Steers $/cwt. $77.70 $82.59 $85.45 $88.60 $91.98 $90.44 $87.78 $83.30 $80.70 $82.31 $86.67
Utility Cows, Sioux Falls " $36.19 $38.59 $40.37 $41.97 $43.08 $41.86 $40.27 $37.83 $36.38 $37.33 $39.87
Beef Retail ($/Lb.) $/lb. $2.77 $2.84 $2.91 $2.98 $3.03 $3.03 $3.03 $3.00 $3.00 $3.02 $3.08
Pork
230-250#, Barrows & Gilts,
Iowa - So. Minnesota $/cwt $31.74 $35.41 $42.49 $44.47 $43.44 $36.52 $41.82 $45.09 $42.53 $39.17 $41.72
6 Market Sows $/cwt $24.28 $28.02 $33.05 $34.14 $33.89 $31.39 $34.68 $36.89 $35.82 $34.88 $36.24
Pork Retail ($/Lb.) $/lb. $2.29 $2.30 $2.38 $2.42 $2.41 $2.35 $2.38 $2.41 $2.40 $2.35 $2.36
Poultry
12 City Wholesale Broiler$/lb. $0.63 $0.59 $0.56 $0.57 $0.57 $0.57 $0.57 $0.57 $0.56 $0.56 $0.57
Broiler Retail $/lb. $1.54 $1.51 $1.49 $1.49 $1.50 $1.52 $1.53 $1.54 $1.54 $1.54 $1.56
East. Region Whlsle Turkey " $0.62 $0.63 $0.63 $0.62 $0.64 $0.65 $0.65 $0.66 $0.66 $0.67 $0.67
Turkey Retail $/lb. $1.00 $1.02 $1.01 $1.01 $1.04 $1.06 $1.06 $1.06 $1.07 $1.07 $1.08
NY Grade A Lg Egg cents/lb. $0.76 $0.73 $0.71 $0.72 $0.72 $0.74 $0.73 $0.74 $0.74 $0.73 $0.72
Shell Egg Retail cents/lb. $1.03 $0.99 $0.97 $0.99 $1.00 $1.01 $1.02 $1.02 $1.03 $1.02 $1.02
U.S. Milk and Dairy Products
MW/BFP $/cwt $14.18 $12.23 $12.01 $12.01 $12.08 $12.14 $12.11 $12.07 $12.02 $11.94 $11.86
Manufacturing Grade $/cwt $14.31 $12.42 $12.19 $12.19 $12.27 $12.32 $12.29 $12.25 $12.20 $12.12 $12.04
Fluid Grade $/cwt $15.41 $13.56 $13.23 $13.23 $13.30 $13.36 $13.33 $13.29 $13.24 $13.16 $13.08
III-A Milk Price $/cwt $15.71 $13.63 $11.79 $11.31 $11.33 $11.51 $11.62 $11.51 $11.61 $11.82 $12.07
All Milk $/cwt $15.39 $13.46 $13.11 $13.08 $13.14 $13.19 $13.17 $13.12 $13.07 $13.01 $12.95
Support Price $/cwt $10.05 $9.90 #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A
Cheese Wholesale, 40lb." $/lb. $1.54 $1.35 $1.32 $1.32 $1.33 $1.34 $1.33 $1.33 $1.33 $1.32 $1.31
Cheese CCC $/lb. $1.12 $1.10 $ - $ - $ - $ - $ - $ - $ - $ - $ -
Butter Wholesale $/lb. $1.78 $1.48 $1.33 $1.25 $1.23 $1.25 $1.27 $1.26 $1.28 $1.30 $1.32
Butter CCC $/lb. $0.65 $0.65 $ - $ - $ - $ - $ - $ - $ - $ - $ -
Nonfat Dry Wholesale $/lb. $1.09 $1.02 $0.90 $0.89 $0.90 $0.91 $0.91 $0.90 $0.91 $0.92 $0.94
Nonfat Dry CCC $/lb. $1.03 $1.01 $ - $ - $ - $ - $ - $ - $ - $ - $ -
Cheese Retail $/lb. $3.59 $3.46 $3.51 $3.53 $3.57 $3.61 $3.62 $3.63 $3.64 $3.65 $3.65
Butter Retail $/lb. $2.86 $2.53 $2.39 $2.43 $2.40 $2.43 $2.47 $2.45 $2.47 $2.50 $2.53
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Source: FAPRI
"Note: loan rates/bushel and contract program payments/bushel are established through 2002, after which they are forecasted."