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Newspaper
Mexico Ledger
Location
Mexico, Missouri, United States of America
Date
Nov 13, 1975
Page
3
Washington analysts say a record 1975 soybean crop will depress prices to about 4.75 dollars per bushel for the 1975–76 season, with revisions to estimates after November crop data. They warn cotton may regain acreage as prices shift, and note 1975 cotton output around 9.03 million bales, down 22 percent from 1974.
Agriculture Secretary Earl N. Butz urged farmers and ranchers to make a personal commitment to soil and water conservation practices. A spokesman noted slow voluntary enrollments in conservation programs amid 2.3 million cooperative members in 3,000 districts, with about 54 percent of cropland protected but erosion risks remain. Butz called for minimum tillage, strip cropping, contour ploughing, terracing, range seeding, and keeping land in grass and trees where crop land cannot be adequately protected.
Signals of large harvests prompted farmers to expand storage. USDA loans for grain storage and drying equipment rose in the first quarter of the fiscal year to 14.9 million dollars, up from 5.7 million a year earlier.
The Agriculture Department released a 104 page report showing 449 foreign parent companies in 33 countries with partial or full ownership of 876 U.S. firms in the food and fiber system. Japan leads with 106 parents and 252 U.S. subsidiaries, followed by Britain and Canada. Krause notes data is incomplete but marks a start for studying foreign investment in farming and processing.
Washington AP reports 10 states account for 83 percent of this year’s corn, about 4.8 billion bushels of a 5.8 billion crop. Illinois leads with 1.2 billion, Kansas at 134.2 million. Missouri 16 percent higher than 1974. Nationwide corn up 25 percent. harvest near completion by early November. Missouri crop forecast at 172.8 million bushels with 64 bushels per acre, harvest 92 percent. soybeans 113.5 million with yield 25.5 bushels per acre as of November 1.
The U S Department of Agriculture set the 1976 feed grain allotment at 89 million, unchanged from 1975, with no plant limit but payment basis if prices drop or disaster payments. Audrain County producers will be informed of their allotments soon, per ASCS director Mrs. Mary Bosler.
Washington AP reports the Agriculture Department expects 1975 farm net income at about 25 billion dollars, down 10 percent from 1974. Despite lower profits overall, strong crop sectors and rising land values support capital investments. Livestock profits lag due to high feed costs, but signs of recovery emerge in cattle markets. Total farm assets near 549 billion, up 74 billion from 1975 start.
At the 20th Missouri All Breed Performance Tested Bull Sale at the University of Missouri Columbia 155 bulls sold averaging 992.45 dollars. Top prices included a Polled Hereford bought for 4000 dollars by David Smith, another Polled Hereford at 3550, and an Angus from Farview Farms at 2150. Eldon Rosenthal purchased two thirds interest in a second Angus for 2000 dollars. Vel 8. Tusker Alton sold a Limousin bull for 1050 dollars to James and Harry Scherder.
Two workshops on income tax management for farmers in Lincoln Montgomery Pike and Warren Counties will be held at the Prudential Savings Building Warrenton on December 1 and at the Prudential Savings Building Troy on December 4 from 7 to 10 p.m. Sponsored by the University of Missouri Extension and the East Central Board of Realtors, the sessions invite farm operators, wives and others to review tax law changes and farm tax practices.
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