Meat prices to rise as farm index climbs
Government figures show the farm price index rose 2 percent last month driven by higher cattle and hog prices, signaling higher meat costs at U.S. grocery stores.
06 Jun 1976
Page 1
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Newspaper
Ada Weekly News
Location
Ada, Oklahoma, United States of America
Date
Jun 06, 1976
Page
1
Government figures show the farm price index rose 2 percent last month driven by higher cattle and hog prices, signaling higher meat costs at U.S. grocery stores.
The Agriculture Department reports about one third of the corn crop planted by May 2, well ahead of last year. North Central states show 31 percent progress, while Iowa faces slow planting due to cool, wet soils. Indiana sees freeze damage. Prices for meat, milk, eggs fall to mid spring levels. Fertilizer shipments jump 27 percent year over year. Beef retail up from March, averaging $1.37 per pound in April.
State Future Farmers of America members were asked to refrain from entering livestock at the Tulsa State Fair after a resolution passed at the state convention. FFA officials criticized show regulations banning animal muzzles and mandating auction sales, with director John Elsner saying the organization agreed on most rules after discussions.
President Ford favors private grain reserves and opposes a government or international stockpile. Senator Dick Clark says a grain reserve will be a key issue next year as Congress revisits farm laws, with ideas to set release prices to stabilize prices without government stockpiles.
Tulsa Bellmon introduces a federal bill to fund a multi million dollar desalination and water redistribution program. The plan targets the Arkansas Red Cimarron Salt Fork Keystone Texoma lakes and Great Salt Plains Reservoir to remove salt and stabilize regional water supplies. It cites Tulsa’s daily 16500 tons salt flow and promises low desalination costs versus high salt traffic.
Oklahoma State University extension economist Houston Ward says beef prices are rising but should stabilize at a higher level after May. He notes big supplies have cleared and slaughter has slowed, yet retailers may not pass all increases to consumers while beef demand remains steady.
The Agriculture Department reports a 2 percent rise in farm prices for meat animals from March 15 to April 15, pushing livestock prices about 18 percent higher than a year ago. Retail beef prices peaked at $1.61 per pound last July and rose in April after eight months of decline. Beef cattle prices stood at $37.90 per 100 pounds on April 15, while lambs reached a record $54.60 per 100 pounds, up from March and last year.
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