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Newspaper
Mexico Ledger
Location
Mexico, Missouri, United States of America
Date
Sep 15, 1977
Page
3
Washington AP report notes the farm parity ratio fell to 64 percent on Aug 15 from 65 on July 15, the lowest since 1933 except for a 58 percent December 1932 reading. Parity, a long-used measure tied to 1910 14 purchasing power, remains a tool for certain price supports and programs.
Dale Schnarre, Audrain County farm extension agent, notes the typical farm spans about 300 acres. Of this, 150 acres are soybeans, 75 acres corn and wheat, with small milo and double cropping not reflected in the table. The article presents the projected profit margin for the average farmer based on these percentages.
The record 1973 net farm income reached 29.9 billion, rising from 17.8 in 1972, with a 91 percent parity ratio the highest since 1953. From 1974 to 1975 income fell to 27.8 and 22.7 billion, with parity at 86 and 76 percent, then 21.9 billion and 71 percent last year.
Washington reports corn and soybeans moving toward harvest in key Midwest regions with USDA estimates showing corn around 6.09 billion bushels and soybeans near 1.6 billion. Private forecasters and drought pockets may alter fall harvests as wheat and cotton figures are updated. Oct 1 stockpile expected at 901 million bushels, highest since 1972.
The Agriculture Department says the 1977 Soviet wheat crop will be slightly smaller than forecast, about 100 million tons, with coarse grains up to 105 million tons and total grain near the record 220 million tons. Rice and other crops add about 15 million tons. 1977 harvest would be the third largest on record. Winterkill slightly higher, feed grain areas up, harvest progress rapid, and Soviet imports unlikely to rise sharply.
Mills H. Anderson, president of the Missouri Bankers Association, cites ABA study showing Missouri lenders supplied $1,277,722,000 in farming loans in 1976. Nonreal estate loans reached $96,596,000, up 20 percent from 1975, while farm real estate loans totaled $81,126,000, up 13 percent.
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