Since 1993, ERS has calculated "normalized prices" based on 5-year lagged averages of actual market prices (e.g., an average of 2010-14 market prices is used to calculate the national normalized prices for 2015). State-level normalized prices for 2015 were calculated by multiplying the national-level normalized prices by the average ratios of the State-level market prices to the national market prices for 2012-14. National price indices are as reported in USDA, National Agricultural Statistics Service (NASS) QuickStats.
At user request, starting with the 2015 report, the hog sector was broken-out into two sectors, barrows & gilts (cwt) and sows (cwt). Starting with the 2016 reporting year, the ERS normalized price set is reduced from the original four table set to include only Tables 1-3 (national-level normalized prices received, national-level price indices, and State-level normalized prices received). Since 2013, USDA's NASS no longer computes or publishes price indices for reference periods 1967=100 or 1977=100, and since 2014 for 1990-92=100. Beginning in January 2014, NASS updated its base reference period to 2011 (i.e., 2011=100). Therefore, the original ERS national price indices tables (2 and 3) were consolidated into one table (Table 2) (for national-level price indices with the reference period 2011=100). The original Table 4 (from earlier reports) has been relabeled here as Table 3.
All data are gathered and summarized from official statistics from USDA’s National Agricultural Statistics Service QuickStats.
The next update of the normalized price series is expected to contain estimates for 2016. These estimates should appear at the end of September 2017 as an update to this data product.