This sure looks like a margin squeeze. From the USDA (70 page PDF):
The preliminary All Farm Products Index of Prices Received by Farmers in October, at 145 percent, based on 1990-92=100, decreased 9 points (5.8 percent) from September. The Crop Index is down 17 points (9.8 percent) and the Livestock Index decreased 5 points (3.8 percent). Producers received lower prices for corn, soybeans, wheat, and cattle and higher prices for sweet corn, broccoli, lettuce, and eggs. In addition to prices, the overall index is also affected by the seasonal change based on a 3-year average mix of commodities producers sell. Increased monthly marketings of soybeans, corn, cottonseed, and cotton offset decreased marketings of milk, wheat, sweet corn, and grapes.Prices Paid Index Down 3 Points
The preliminary All Farm Products Index is up 4 points (2.8 percent) from October 2007. The Food Commodities Index, at 144, decreased 8 points (5.3 percent) from last month but was unchanged from October 2007.
The October Index of Prices Paid for Commodities and Services, Interest, Taxes, and Farm Wage Rates (PPITW) is 188 percent of the 1990-92 average. The index is down 3 points (1.6 percent) from September but 25 points (15 percent) above October 2007. Lower prices in October for diesel fuel, feed grains, feeder cattle, and LP gas more than offset higher prices for potash & phosphate materials, feed concentrates, mixed fertilizers, and other machinery....MUCH MORE