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...northwestern section of wheat-growing North Dakota, Stan Erickson, 33, was busy from dawn to dusk, bringing in his crop: 10,000 bu. of durum wheat from 400 acres. The achievement left him and his father with a marketing dilemma. Half of last year's crop-8,000 bu.-is still in storage on the family farm. This year the Ericksons cut back their planting by 200 acres but were still forced to spend $3,000 for an additional, 6,000-bu. storage bin. Says the younger Erickson: "We had too good a year. Last year there...
America's prodigiously fertile farm lands will yield some 2.04 billion bu. of wheat this year, the third best crop in U.S. history and only 107 million bu. less than the 1976 record. Corn production is approaching 6.1 billion bu., second only to last year's alltime high of 6.2 billion bu. A third basic crop, soybeans, will yield 1.8 billion bu. v. a previous record of 1.5 billion bu. in 1973. Beyond what it can consume and export, the U.S. will have on hand 84 million metric tons of those products at year...
University of Chicago Agricultural Economist D. Gale Johnson is concerned that at $3 a bu., the target price for wheat will be "an incentive to expand production. The cost of the program will get so high that it will have to be modified." Others argue that the 20% set aside for wheat will accomplish little, since farmers will withdraw their less productive land and concentrate on planting high-yield acreage. In fact, some Agriculture Department officials project that even a full 20% set-aside program will cut production by no more than 8%. There is also some question...
...That the crop-support loan rate be raised from $1.75 a bu. to $2 for corn. The loan rate is a Government-set floor price for grains, used by farmers when they borrow money with their crops as collateral. The proposals do not change the loan rate for wheat (currently $2.25 a bu.). Instead, the Administration increased the "target price" from $2.47 to $3. When market prices fall below the target, Washington will pay out the difference between the loan rate and the target figure-that is 75? per bu. Total cost of the program: $4.4 billion...
...acre spread near Peosta, Iowa, says of the Administration plan: "I don't like it, but that's what we'll have to do. We'd sooner go all out and produce, but we can't when corn sells for $1.50 per bu." Says the Wheat Growers Association's Howe: "It's not a good answer, but it's the least bad of things we could...