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...tillage. The fields should have been rippling with mature wheat; instead they were creased with furrows. Shaffer had plowed most of the land under when it produced nothing more than weed-choked stubble only a few inches tall. Land that only two years before had yielded 50 bu. of wheat an acre is yielding a mere 13 bu. this year. But Shaffer said: "I'm more concerned about the export situation than anything else. Until there's a bigger world market, we just can't make money...
...last week that it would raise prices on structural shapes and tin mill products by 6% to 7% effective Sept. 4. In addition, the House last week followed the Senate's lead and approved a measure raising the wheat support price for farmers from $2.47 to $2.90 per bu. The move would add at least $470 million to the cost of the price-support program...
Pangs of Plenty. The biggest headache for farmers is the growing glut of wheat. Last week the Agriculture Department forecast that despite last winter's drought and destructive winds, this year's winter wheat crop would come to 1.53 billion bu., only about 3% less than last year's mammoth harvest. The total crop, including spring wheat (harvested in the fall), is expected to be about 2 billion bu. That would be slightly less than the record 2.15 billion bu. crop in 1976-but still more than U.S. and foreign buyers combined are likely...
...result, wheat prices have dropped to little more than $2 per bu., v. an average of almost $3 for last year's crop. Growers complain that if prices continue to slip they will not earn enough to cover production costs. Says Earl Hayes, president of the Kansas Wheat Growers Association: "Wheat farmers are in a severely depressed situation." Net farm income has already fallen from an alltime high of $33 billion in 1973 to $22 billion last year, and has continued to decline so far in 1977. Much of the rise in food prices in recent years, says Hayes...
...planning to feed some of the excess wheat to livestock. But that would further lower the price of corn, the principal animal feed, by reducing demand. Farmers have planted almost 84 million acres of corn, about the same as last year, when they grew a record 6.2 billion bu. Growers are concerned that the huge crop will cause corn prices to fall well below their current level of $2.35 per bu., which is nearly 20% lower than last year's price. Of all the nation's farmers, the best off are the growers of soybeans, which...