Friday, October 30, 2009

Crop prices jumped nearly 8% in October as rainy weather delayed harvests across the Midwest.

Farmers are still getting paid much less for their crops compared with a year ago, when global food shortages pushed grain prices to record highs. But the farm prices of corn, wheat and milk jumped this month.

Corn prices rose 29 cents to $3.54 a bushel, and wheat prices jumped 8 cents to $4.56 a bushel. Soybeans dropped a penny to $9.74 a bushel.

Wholesale milk prices jumped 7.1% in October to $1.19 per gallon. That's a big increase for dairy farmers who have struggled with low prices over the last year, but it's still down 22% from October 2008.