29 June 2018

2018- n° 178
In May 2018, agricultural prices went down by 0.5% over one year Indices of agricultural prices - May 2018

In May 2018, agricultural products prices decreased by 0.5% over one year (after −1.3% in April). Excluding fruits and vegetables, they declined by 1.1% over one year but went up by 0.7% over one month.

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N^o 178

Paru le :Paru le29/06/2018

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Sommaire

Cereals prices accelerated
Prices rose for fruits and vegetables
Animal prices: slight increase over one month
Further drop of egg prices
Acceleration of the purchase prices of means of production
Revision

Cereals prices accelerated

In May 2018, cereal prices rose by 3.6% over one month, after +0.4% in April. They benefited from Euro fall against the US dollar. Soft wheat prices increased by 3.8% after +0.8% in April. Concerns over the weather have shifted to the Black Sea due to excessive rainfall. Grain maize prices increased also (+1.9% over one month after +1.5% in April), supported by drought in the United States and Brazil. Oilseeds rebounded (+2.0% after −0.7%). In France, May thunderstorms drew worries about rapeseed yields, what boosted their prices (+2.3% in May after −1.0% in April).

graphiqueGraph1 – Producer prices of cereals

Prices rose for fruits and vegetables

In May 2018, fruit prices went up by 9.7% over one year. In late season, apples had their prices increasing sharply (+31.3% year on year). The prices of strawberries, seasonal fruit, grew by 2.8% over one year while the arrival of cherries was made with a slight decrease in prices (−1.8%). Vegetable prices rose by 5.7% over one year, driven by tomatoes (+18.5%), salad (+15.3%) and cucumbers (+57.6%). On the other hand, prices went down for endives (−16.3% over one year) and asparagus (−17.6%).

graphiqueGraph2 – Producer prices of fresh vegetables

Source: SSP (ministry in charge of agriculture)

Animal prices: slight increase over one month

In May 2018, animal prices rebounded slightly over a month (+0.5% after −1.6% in April). Over one year, they were still down by 4.2%. Pork prices rose by 0.4% over one month after falling by 6.7% in April. A return of domestic demand has allowed a better balance with supply. Prices for cattle went up 0.5% over one month, following a decline of 0.3% in April.

graphiqueGraph3 – Producer prices of pigs and large cattle

Further drop of egg prices

In May 2018, eggs prices declined by 27.9% over one month after −20.7% in April. Their prices have fallen by 56.2% since their December 2017 peak, a consequence of the fipronil crisis. The price of cow's milk slowed down again over one year (+0.4% in April after +2.1% in March).

tableautable1 – Index of producer prices of agricultural products (IPPAP)

Seasonnaly adjusted* - base and reference 100 in 2015

Index of producer prices of agricultural products (IPPAP) (Seasonnaly adjusted* - base and reference 100 in 2015) -
			Variation as % over
	Weights	May 2018	a month	3 months	a year
Agricultural goods output	1000	103.2	///	///	–0.5
excluding fruits and vegetables	906	102.8	+0.7	–0.2	–1.1
Crop output (excluding fruits and vegetables)	489	105.3	+2.0	+2.5	+0.7
Cereals	152	97.9	+3.6	+6.5	+4.5
of which soft wheat	90	96.7	+3.8	+6.3	+5.0
grain maize	27	103.4	+1.9	+9.1	–1.7
Potatoes	29	130.2	///	///	–23.3
Wines	200	111.8	+0.3	+0.3	+6.7
PDO wines	112	121.8	+1.6	+0.3	+9.4
other wines	25	94.9	–5.6	+0.6	+9.8
Oleaginous	40	90.7	+2.0	+2.0	–6.1
Horticultural products	35	100.6	+1.2	–3.7	–2.0
Other crop products	33	99.4	+0.2	+0.2	–5.4
Fruits and vegetables (1)	94	107.8	///	///	+5.4
Fresh vegetables	45	103.5	///	///	+5.7
Fresh fruits	32	116.6	///	///	+9.7
Animal output	417	99.8	–1.1	–3.4	–3.2
Animals	255	98.0	+0.5	–0.7	–4.2
of which large cattle	112	98.0	+0.5	+0.4	–0.8
calves	20	101.3	+0.5	+1.1	+1.4
pigs	49	95.6	+0.4	–4.9	–18.6
sheep	14	101.5	+1.5	+0.6	+3.3
poultry	57	97.1	–0.1	–0.5	–1.0
of which chicken	39	96.9	–0.1	–0.5	–0.9
Milk	146	104.1	///	–0.9	+0.1
of which cow milk (2)	135	104.4	///	–0.9	+0.2
Eggs	16	90.2	–27.9	–43.9	–15.5

* cf. methodological note
/// Absence of meaning due to the nature of these series
(1) Including vegetables for industry.
(2) The April value of cow milk price index is the estimate of the May one. The previous month variation is the one commented in the text: +0,4% over one year in April 2018.
Sources: INSEE, SSP (ministry in charge of agriculture)

Acceleration of the purchase prices of means of production

In May 2018, purchase prices of the means of production rose by 3.2% over one year (after +2.0% in April). Oil prices recent increases have contributed significantly to this acceleration. Over one month, energy prices increased by 5.5% after +3.8% in April. For other intermediate consumption, the variations over one month are more limited: +0.6% for animal feeds and +0.4% for crop protection. The prices of fertilizers and amendments are down over one month (−0.5%). Prices for capital goods rose 0.8% over one month and 3.2% over one year.

Revision

The variation over one year of IPPAP has been reduced by 0.1 points in April to −1,3 %; The one of IPAMPA has been rosen by 0.1 points to +2,0 %.

graphiqueGraph4 – Purchase prices of the means of agricultural production

Sources: INSEE, SSP (ministry in charge of agriculture)

tableautable2 – Indices of purchase prices of the means of agricultural production (IPAMPA)

Raw data - base and reference 100 in 2015

Indices of purchase prices of the means of agricultural production (IPAMPA) (Raw data - base and reference 100 in 2015) -
			Variation as % over
	Weights	May 2018	a month	3 months	a year
Total input	1000	101.9	+0.8	+1.8	+3.2
Intermediate consumptions	760	100.6	+0.9	+2.1	+3.2
Energy	93	119.3	+5.5	+10.0	+20.1
Seeds	56	97.5	+0.1	+0.6	+0.1
Fertilisers and soil improvers	107	87.8	–0.5	0.0	+0.2
Plant protection products	84	99.9	+0.4	+1.6	+1.0
Animal feed	214	96.9	+0.6	+1.8	+0.3
Veterinary expenses	37	107.3	0.0	+1.1	+2.9
Small equipment and tools	11	99.8	–1.5	+0.3	+0.4
Maintenance of materials	88	104.7	+0.2	+0.6	+2.6
Maintenance of buildings	9	104.3	0.0	+0.3	+1.9
Other goods and services	61	101.4	0.0	+0.1	–0.2
Goods and services contributing to investment	240	106.1	+0.8	+1.0	+3.2
Material	168	105.5	+1.1	+1.1	+2.5
Tractors	71	109.1	+2.2	+1.7	+3.9
Machinery and equipment for cultivation	33	104.4	+0.7	+0.6	+2.0
Machinery and equipment for harvesting	38	102.9	0.0	+0.5	+1.1
Utility vehicles	16	99.4	+0.1	+0.6	–0.1
Buildings	72	107.5	0.0	+1.1	+5.0

(1) The repayment of the domestic tax on energy product (TICPE) benefiting farmers has been applied in advance for the year 2018.
Sources: INSEE, SSP (ministry in charge of agriculture)