Banner Graphic, Volume 14, Number 250, Greencastle, Putnam County, 27 June 1984 — Page 8

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The Putnam County Banner-Graphic, June 27,1984

Indiana ranks eighth

Illinois, lowa lead farm exports totaling $34.8 billion

WASHINGTON (AP) - Illinois and lowa continued as the big one-two punches in farm exports last year, accounting for one-sixth of the value of commodity shipments totaling $34.8 billion, according to a report by the Agriculture Department. The top 10 states collectively made up more than sl9 billion or about 55 percent of the total U.S. agricultural export value in the fiscal year that ended

Larger supplies of meat in USDA revised projection

WASHINGTON (AP) - The Agriculture Department has revised its projections and new says somewhat larger meat supplies are expected this year than it previously forecast. One reason is that beef output has been “above expected levels in recent weeks” and is likely to continue into early summer, the department’s Economic Research Service said Friday in a new supply-and-demand report. “Cow slaughter was above expectations this spring, particularly during the last part,” the report said. “For the second quarter, cow slaughter probably was up 13 percent to 15 percent from a year earlier.” The increase cow slaughter indicates decisions on the part of some producers to cull breeding herds. It also indicates poor grazing conditions in some parts of the country, including drought-stricken areas of the Southwest. “Some farmers in a financial squeeze may

91 per cent of Hoosier soybeans rated fair or above

WEST LAFAYETTE, Ind. (AP) Good conditions for working in fields have allowed Indiana farmers to all but finish planting soybeans, according to the Indiana Weekly Crop Report. In his weekly report released Monday, Purdue University statistician Earl L. Park said the soybean crop is 99 percent planted. At this time last year, 97 percent of the bean crop was

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Sept. 30, 1983, the Economic Research Service said. “Illinois and lowa were again the largest soybean and feed grain exporting states,” the report said. “California was the main source of fruits, vegetables, tree nuts and cotton, and the second largest source of rice. Kansas was the primary wheat export state.” At $34.8 billion, the export value declined again last year from $39.1 billion in 1981-82 and

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have sold beef cows to raise cash,” the report said. “Declining feeder cattle prices during the spring may have contributed to their decision to sell some of their cows. ” As a result of the larger slaughter of cows and non-fed steers and heifers, the total 1984 commercial beef estimate has been raised to 22.9 billion pounds from about 22.7 billion pounds estimated earlier this month. Last year, beef output was nearly 23.1 billion pounds. The other big factor in the total meat outlook is the cutback by hog producers, which has been taking place the past year because higher feed costs, high interest rates and the general failure of market prices to keep pace with rising expenses. In another report this week, the USDA said the June 1 inventory of hogs and pigs was down 9 percent from a year earlier, including 9 percent reductions in both market hog inventories and those kept for breeding.

planted. The five-year average is 94 percent, Park said. Conditions have been excellent for fieldwork, Park reported, but hot and dry weather caused the first signs of stress in some fields before weekend rains helped alleviate the problem. About 93 percent of the soybean crop has emerged, which is near the usual rate for the date and a little ahead of the

a record $43.8 billion in 1980-81. Some increase is forecast this year to about S3B billion. The annual breakdown of state shares showed Illinois at $2.94 billion and lowa at $2.85 billion, compared with $3.3 billion and $3.03 billion, respectively, in 1981-82. When U.S. farm exports rose to a record level for the 12th consecutive year in 1980-81, lowa led traditional first-place Illinois $3.74 billion to $3.62

90 percent emerged last year, the crop report says. The average height of soybeans is 5 inches, which is normal but an inch higher than in 1983. Nine percent of the soybean crop is now rated poor, while 44 percent is fair, 44 percent good and 3 percent is excellent, the report says. Corn condition also edged a little lower last week and is now rated 2 percent poor, 39 percent fair, 53 percent good and 6 percent excellent, the report says. The average height of corn is

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billion. Only the top 10 states were ranked. The others in the list included: California, $2.47 billion last year and $2.85 billion in 1981-82; Kansas, $1.82 billion and $1.63 billion; Minnesota, $1,819 billion and SI.BB billion; Nebraska, $1.75 billion and sl.Bl billion; Texas, $1.63 billion and $2.57 billion; Indiana, $1.51 billion and $1.56 billion; North Dakota, $1.27 billion and $1.33 billion;

Dairy diversion payment total at $136 million so far

WASHINGTON (AP) - Dairy farmers who signed up in the government’s “diversion” program have collected more than $136 million so far as payment for cutting back on milk production in the first three months of 1984. The Agriculture Department said Thursday the payments went to farmers who signed contracts to reduce milk production 5 percent to 30 percent during a 15-month period that began Jan. 1. The estimated total cost of the program is $940 million. Officials said the payments, tabulated as of mid-June, covered the January-March quarter and represented about 73 percent of the total payments the department expects to make for cutbacks in the first three months of the program. The largest payments, $16.9 million, went to farmers in Wisconsin, the biggest dairy state. Minnestota and California each received more than sll million. In all, 37,888 dairy farms were

18 inches, four inches higher than last year at the same period but two inches lower than average. Heights vary from 17 to 20 inches in the north to 12 to 18 inches in the south, the report says. Four percent of the wheat crop was reported poor, while 37 percent is rated fair, 53 percent good and 6 percent excellent. Sixty percent of the wheat is turning color, which compares with 55 percent last year but is well behind the normal 70 percent, the report says.

Capital investments trend continued downward in 1983

WASHINGTON (AP) - Last year’s drought and the government’s PIK program helped cut some farm production costs while boosting expenses for some other key items, notably livestock feed, according to a new Agriculture Department analysis. Overall, the department’s Statistical Reporting Service said Monday in a preliminary report, 1983 farm production expenditures totaled $131.2 billion, up only 0.2 percent from $130.9 billion in 1982 and slightly less than in 1981, when farmers spent $131.8 billion. The national figures provided further evidence that American farmers continued holding back

1 i n

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and North Carolina, $1.12 billion and $1.25 billion. North Carolina replaced Missouri in last year’s top 10 list. Missouri, with an export value of $1.4 billion in 1981-82 was reported at $1.02 billion in 1982-83. The report will be included in a forthcoming issue of FATUS Foreign Agricultural Trade of the United States. A preview copy was provided at the request of The Associated

enrolled in the program out of 303,580 that were eligible percent of all dairy farms in the United States. The department classifies a dairy farm as any unit with one or more cows. The enrollees included about 20 percent of all commercial dairy farmers, department officials said. The program was authorized by Congress last year as part of a package to head off further increases in milk production and a buildup in surplus dairy products butter, cheese and

Milk consumption up

WASHINGTON (AP) - Dairy farmers may see some improvement in milk prices this summer as a result of an increase in consumer demand and a decline in overall production, according to Agriculture Department analysts. “Milk prices received by farmery in May were below a year earlier, because of the lower support price and the continued surplus supplies,” the department’s Economic Research

Scattered fields of wheat arc ripaning, mostly in western and southwestern counties. Park also reports that the first cutting of alfalfa is virtually complete, with 98 percent of alfalfa having been cut. The rate of cutting is ahead of last year’s rate of 94 percent complete by June 24. The average is 88 percent. Clover hay harvest is 85 percent complete, which compares with 75 percent for both last year and average. Setting of tobacco plants is 85

on making new capital investments in 1983 while attempting to meet short-term production expenses. For example, farmers last year spent $4 billion on tractors, combines and other selfpropelled machinery, compared to $4.1 billion in 1982. In 1981, before the full brunt of the economic crunch was felt, farmers spent $6 billion on those items. Expenditures on “other” machinery dropped to $3.4 billion last year from $3.5 billion in 1982 and $4.6 billion in 1981. Spending for machinery operating costs other than fuel, such as motor overhauls and replacement parts, were repor-

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Press. As in previous years, the annual report takes care to explain how the state figures are compiled and stresses that they cannot be taken as absolute. “These estimates are prepared by major commodity group, based on the assumption that, for each commodity, a state contributes the same export share as its share of production or marketings,” the reportosaid.

non-fat dry milk that are bought by the government to support milk prices paid to farmers. As part of the package, milk supports were lowered to $12.60 per 100 pounds from $13.10 to help discourage farmers from increasing output. Further reductions are authorized next year if production is not brought into line. Officials estimated that milk price supports this year will cost about $1.5 billion, compared with $2.6 billion in 1982-83.

Service said Wednesday. But once the seasonal “spring flush” of greater production is over, the supply is expected to fall in line more with demand. According to the new outlook report, commercial “disappearance” of milk and dairy products has continued strong since the fourth quarter of last year. Even if no additional gains in use occur, enough has happened to boost total milk consumption by about 2 percent

percent complete and is continuing to progress at the same rate as the previous year, the report says. Oats are 70 percent headed, compared to 50 percent a year ago and the normal rate of 75 percent. For the week ending last Friday, 6.2 days were rated suitable for fieldwork. Topsoil moisture was 67 percent short, 30 percent adequate, and 3 percent surplus, the report says. Subsoil moisture was 28 percent short,. 71 percent adequate.

ted at $5 billion in 1983. That compared with $5.1 billion in 1982 and $7.1 billion in 1981. In still another indication of the hold-down in capital spending, farmers invested only $4.5 billion last year on buildings, fencing and other farm improvements, compared to $5.2 billion in ?982 and $6.4 billion in 1981. The biggest increases in expenditures last year were for feed and motor vehicles, the report said. Feed costs, at $20.3 billion, were up krom $17.4 billion in 1982. Spending on automobiles, trucks and other vehicles was $2.37 billion, compared with $2.04 billion in 1982.

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Futures prices drop with better weather i CHICAGO (AP) Soybean futures prices plunged and corn and wheat were lower in active trading Tuesday on the Chicago Board of Trade. Improving weather conditions and bad economic news encouraged selling early in the session, said Don Outland, a grain analyst with Drexel Burnham Lambert, Inc. Concern that poor conditions could damage some of the corn and soybeans had prompted buying last week but condition? have improved this week. Increases in interest rates also prompted selling, as they increase the cost of doing business and help support the value of the U.S. dollar against foreign currencies, which discourages purchases of grains for export. Victor Lespinasse, an analyst on the floor with Dean Witter Reynolds, said some of the early selling in the soybean pit was coming from major professional speculators, and action taken by those traders frequently prompts others to follow, suit. Sources said the selling also triggered liquidation by traders who watch trends on price charts, and soybeans for delivery in July and August fell by the daily limit of 30 cents. At the close, wheat was 2% cents to 6% cents lower with the contract for delivery in July at $3.48V4 a bushel; corn was 2 3 4 cents to 4% cents lower with July at $3.49 3 /4 a bushel; oats were x k cent lower to V 2 cent higher with July at $1.77V4 a bushel; and soybeans were 21% cents to 30 cents lower with July at $7.39% a bushel. INDIANAPOLIS (AP) - Hogs 900. Barrows and gilts active, 1.00-1.50 higher. US 1-2 210-255 lbs 54.00-54.50, 35 head 54.75. US 1-3 210-260 lbs 53.50-54.00,260-280 lbs 52.50-53.00. Sows: Active, firm to 50 cents higher, instances 1.00 up US 1-3 400-600 lbs mostly 45.0(M6.00,605 lbs 46.50. Cattle: 1,100. Steers and heifers steady to 50 cents lower, instances 1.00 off on steers. Cows about steady. Bulls not well tested early. Steers: Choice 2-4 1050-1250 lbs 62.75-64.75, mostly 63.5064.50, few 980-1050 lbs 62.50-63.50. Few lots mixed good and choice 2-3 930-1135 lbs 61.00-62.75. Few good 1-3 1060-1100 lbs 60.00-61.25. Holsteins: Lot choice 2 1178 lbs 55.75. Good choice 2-3 12001335 lbs 51.75-53.75. Slaughter heifers; Choice 2-4 900-1190 lbs 61.00-63.00, many 61.75-63.00. Few packages 2-3 63.25-63.75, 750-880 lbs 55.2559.25. Mixed good and choice 2-3 955-965 lbs 60.00-61.00,760-835 lbs 55 00-57.50. Couple packages good 2-3 830-975 lbs 55.7560.50. INDIANAPOLIS (AP) Grain prices at Indianapolis area elevators: Corn No. 2 yellow shelled $3.42-3.63, fall $2.77- 2.86, January ’BS $2.93-2.98. Oats No. 2 white $2.00 Soybeans No. 1 yellow $7.22-7.39, fall $6.80-6.86, January ’BS $6.99-7.06. Wheat No. 2 soft red July $3.19-3.38.

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USED TRACTORS Waiver of finance charges to September 1,1984. IH Farmail Super M IH 130 w/42” Woods mower IH 856 D IH 886 D IH 1066 D with red cab IH 1466 D with cab IH 1486 IH 1586 D with duals Steiger ST 320 Fiat-Allis 7G-B Crawler highlift USED COMBINES 1H715G IH 715 D IH 815 D, low profile IH 815 D, high profile IH 1440 1981 200 hours IH 1440 1980, 500 hrs. IH 146019791000 hours IH 1460,1980, 700 hours IH 1460,1980, grain lots monitor, 700 hours IH 1480,1980,750 hours JD 4400 G JD44OOD We have s variety of cornhoads and platforms.

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