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Farm prices end 1999 with further declines-USDA

WASHINGTON: Commodity prices for American farmers ended 1999 on a sluggish note, with consumer demand for meat pushing hogs and cattle higher while soybeans, wheat and milk slumped, the US Agriculture Department said on Thursday.

Overall crop prices paid to farmers in December were two percent lower than in November, and about seven percent under the level of December 1998, the USDA said in its monthly farm-price report.

Milk prices in December plunged $1.90 per cwt to $12.40 per cwt. That marked a steep decline from one year ago for both fluid and manufacturing-grade milk.

Wheat prices skidded 23 cents in December to average $2.43 a bushel.

The declines offset higher prices for livestock.

Hog prices in December rose $2.00 per hundredweight to $35.40, up from $20.70 per cwt one year ago, the USDA said. Beef cattle commanded an average $66.40 in December, nearly $10 higher than one year ago.

Before deductions for hauling. Includes quality, quantity, and other premiums. Excludes hauling subsidies.

5/Fat test percent: all milk 3.79, fluid milk 3.79, mfg grade 3.92.

6/Liveweight equivalent price.

7/Mid-month price.-Reuters