WASHINGTON (Reuter) - Farmers were paid 4.1 percent more for their raw goods in August than a year ago because of higher prices for wheat, corn and hogs, a government farm price index showed.
Wheat prices averaged $4.17 per bushel, up eight cents per bushel from July and the highest monthly price since February 1981, according to the Agriculture Department's monthly Agricultural Prices report, which was released Thursday.
Possible delays in the spring wheat harvest, projected lower foreign production and strong export demand drove the wheat prices higher, the report said.
Corn prices rose to $2.59 per bushel, 43 cents per bushel more than a year ago. The report pointed out the forecast for larger U.S feed grain supplies more than offset higher domestic use and export projections for the 1995 crops.
Hog prices, at $48.30 per 100 pounds, were $2.10 more than the previous month, $6.50 more than a year ago and the highest monthly average in four years.
The fruit and nut index reached its highest level in almost two years fueled by higher prices for all citrus fruits, apples and peaches, the report showed.
The overall farm index was unchanged from July as higher prices for hogs, peaches and wheat more than offset lower prices for tomatoes, potatoes, soybeans and cotton.
August cotton prices backtracked by 10.2 cents per pound from last month to 76.4 cents per pound, the lowest price since December, but 9.6 cents higher than August 1994.