Commodity Prices Fall in October, Still Up Year-over-Year

The average price received by farmers for corn during October 2022 in Minnesota was $6.20 per bushel according to the latest USDA, National Agricultural Statistics Service – Agricultural Prices report. This was 93 cents below the September price but $1.20 above October 2021. 

The October 2022 average price received by farmers for soybeans, at $13.30 per bushel, was 60 cents below the September price but $1.30 above the October 2021 price. 

The October average spring wheat price per bushel, at $9.00, was 1 cent below September and 5 cents below October 2021. 

All hay prices in Minnesota averaged $155.00 per ton in October. This was $6.00 above the September price but $18.00 below the October 2021 price. The October 2022 alfalfa hay price, at $178.00, was $8.00 above the previous month but $18.00 below October 2021. The average price received for other hay during October was $128.00 per ton. This was $11.00 above the September price but $3.00 below October last year. 

The average price for milk was $25.90 per cwt, $2.50 above the September price and $6.00 above October 2021.