Despite the advance, agricultural export prices fell 12.5 percent for the June 2008-2009 period. Meanwhile, farmers experienced higher prices for purchases of fuels, chemicals and metals. Pinched by falling incomes and higher input costs, sales of tractors and other farm equipment fell dramatically in June.
The latest world supply and demand projections from the U.S. Department of Agriculture pointed to some further weakness in crop prices if favorable crop weather continues, according to CattleNetwork.
Agriculture Secretary Tom Vilsack said that USDA will not issue final 2008 counter-cyclical payments to farmers enrolled in the Direct and Counter-cyclical Program for wheat, barley and oats because prices for these commodities have averaged well above levels that trigger counter-cyclical payments.
The final marketing year prices per bushel are $6.78 for wheat, $3.82 for barley and $3.15 for oats, USDA said.
