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Newspaper
Lubbock Avalanche Journal
Location
Lubbock, Texas, United States of America
Date
Jul 29, 1970
Page
9
A terse briefing notes that investing companies show rising activity in Bree markets. The report highlights increased interest from multiple investment groups and a cautious outlook amid shifting prices and sector volatility.
Chicago traders balanced futures as May wheat and corn moved modestly, soybeans showed gains while oats slid slightly. Prices reflected varied demand, with butter and dairy prices holding steady amid wholesale checks and USDA reports on price levels.
The Lubbock School Board approved admissions guidelines for educationally hand icapped and poor children to enter public kindergartens this year. It rejected a request to fund part of paving near a projected school site at 58th Street and Utica Avenue.
Plains farming reports moderate insect activity in High Plains cotton and grain sorghum. Greenbug infestations lift in untreated fields while predators stay abundant and bollworms, fleahoppers, and false chinch bugs appear in various areas. Agricultural policy notes discuss assigned cotton yields and farm bill dynamics.
The Chicago Board of Trade saw broad selling across major futures as soybeans slid about 8% while corn and wheat declined. Soybean oil and meal weakened after early gains, and iced broilers closed lower as weather and favorable crop prospects fueled new selling in corn and soybeans.
Cotton futures No 2 ended 20 cents a bale lower to 60 cents higher as traders waited on House action this week on new cotton legislation. If enacted in current form the loan support could drop by as much as 2 cents a pound for 1970, otherwise support could stay near early 1960s highs. The weekly weather report noted moisture in the South but rising infestation in Alabama and Louisiana and slow harvests in the Texas region.
San Clemente, Calif AP budget chief announced the 1970 federal deficit at 2.9 billion dollars, smaller than the May projection due to slower total outlays. Director George P. Shultz cited tax revenue shortfalls and enacted raises as factors, noting spending restraint kept the gap from widening despite higher debt interest and farm price support costs.
The Senate passed a $4.4 billion education appropriation 88 to 0 and sent it to President Nixon who criticizes the cost. Sen Norris Cotton suggests the White House veto alternative as House Senate negotiators prepare an $18 billion housing and urban renewal package. Nixon says such spending grows without revenue.
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