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Newspaper
Mexico Ledger
Location
Mexico, Missouri, United States of America
Date
Aug 03, 1972
Page
3
The Agriculture Department highlights a cost squeeze on farmers as input prices rise faster than outputs. A farmer paid 6 43 for overalls, a 19 300 combine cost, and wheat at 132 per bushel. Despite higher cattle and hog prices lifting income, production costs climbed for years with 27 percent higher operating expenses than five years earlier.
Audrain irrigation tour on Tuesday showcased six farms with detailed system specs and costs. New irrigators William Kohl Elmer Foree and others reported investments ranging from 11 200 to 29 000 with acres irrigated from 10 to 180.
The July farm price index rose to a record high, with beef cattle averaging 34.60 per 100 pounds and hogs at 27.50, while costs edged up 1 percent. Net farm income is now expected at a record 18 billion dollars this year due to higher livestock prices and government payments.
AP reports a slight summer dip in feed lot cattle prices, though the Agriculture Department says prices will stay well above last year through 1972's remainder. Choice steers at Omaha rose to 36.50, then 34.25, recovered to nearly 39 by July, with second-half 1972 forecasts around 37.25 per 100 pounds, about 4.25 higher than a year earlier. Hog prices are also set for a summer dip with a later year recovery, as slaughter increases.
President Nixon signs legislation lowering the eligible age for federal crop insurance from 21 to 18. About 15,000 young farmers may now qualify, spurred by a Kansas youth letter to Senator Robert Dole after denial. Atkinson of White City stood with his fiancée Diane Ruff as Nixon praised youth involvement in policy.
The Agriculture Department reports farm real estate values up 8 percent for the year ending March 1 1972, averaging 217 per acre. Georgia leads gains at 72 percent, with New Jersey Pennsylvania and South Carolina also posting strong increases. ERS notes value shifts driven by land use and population density, with irrigated land stable in the West while dry and grazing lands rise.
The Missouri Farmers Association and Midcontinent Farmers Association plan a joint meeting on August 14 at the University of Missouri Multi-Purpose Complex. Awards for distinguished service to agriculture will honor Robert Partridge of the National Rural Electric Cooperative Association in Washington DC and Ralph Booker of the National Cooperative Refinery Association in McPherson Kansas.
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