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Newspaper
Lubbock Avalanche Journal
Location
Lubbock, Texas, United States of America
Date
Aug 25, 1970
Page
5
Trading was fairly active with a mixed tone and losses across markets. Corn and soybeans faced selling pressure aided by favorable corn belt weather and profit taking, while soybean oil and meal showed early strength that faded as beans weakened. oil futures gained about two points on the session.
New York AP report covers grain futures trading and U S Treasury notes activity. The piece cites closing quotes, bid levels, maturities, and market actions with references to May and other contract months, plus price movements and commentary on financial instruments.
Plains Senator Ellender pushes tying cotton payments to parity though details remain unclear. House bill changes proposed include basing acreage on prospective demand, setting a 90 percent loan, creating a market fund, and loosening the set aside from one third. Cotton officials noteSpeaker and council spokesmen weigh flexibility in land use after set aside.
The Senate Agriculture Committee resumes work on its omnibus farm bill with top Department of Agriculture officials to meet the panel. Sen. Allen J. Ellender aims to finish before the Labor Day recess as proposals shift between marketing quotas for cotton and national allotments, contrasting the House version and current law.
Cotton futures were unchanged on the New York Cotton Exchange after no actual sales, the first such day since June 8, 1967. Traders cited uncertainty over the final form of the new farm bill and Senate action following the House. The spot midlling 11 16 inch price held at 63.3 cents per pound with ginnings through August 10 at 73,442 bales versus 360,967 a year ago.
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