Monthly crop prices steady, well above last year’s

DES MOINES — The latest data from the U.S. Department of Agriculture highlights the effect of gradually climbing crop prices over the last year. As corn, soy and hay continue incremental price increases, each kicked off the year at a higher price point than the start — and sometimes the end — of 2022.

The average price received by farmers for corn during January 2023 in Iowa was $6.74 per bushel, according to the latest USDA, National Agricultural Statistics Service — Agricultural Prices report. This was five cents above the December price and $1.04 above January of 2022.

The January 2023 average price received by farmers for soybeans, at $14.60 per bushel, was 10 cents above the December price and $1.70 above the January 2022 price.

All hay prices in Iowa averaged $169.00 per ton in January. This was $4.00 below the December price but $12.00 above the January 2022 price. The January 2023 alfalfa hay price, at $178.00, was $8.00 below the previous month but $13.00 above January 2022. The average price received for other hay during January was $153.00 per ton. This was $1.00 below the December price but $15.00 above January last year.

Milk prices marked an exception to the trend. The state’s average price for milk in January was $21.20 per cwt, $2.80 below the December price and $2.20 below that of January 2022.

As for livestock, calf and cattle prices were slightly up from December, while hog prices were unchanged or slightly down from the month and year prior.