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...plentiful. Parts of the Southwest had three times as much rain this crop year as last. Soil was moist for six feet down in some areas, and once-dry water holes were brimful again. Furthermore, standard-grade feed corn was selling in Chicago for an average $1.15 per bu. v. $1.31 a year ago, and cattlemen were fattening their herds at bargain prices...
...successful. If anything, spending on the farm program-a huge $5 billion in 1957-may rise in 1958 to keep surplus food from collapsing the market. At year's end the 1958 harvest of the winter wheat crop was estimated at a near record of 906 million bu., 28% above the year before and one more sad reminder of the failure of the farm program to cut surpluses. With revenues estimated at $73.5 billion-or less-next year and a budget of $73 billion to $74 billion, the U.S. will probably be in for deficit financing and, as Treasury...
...While net profits rose 23.1% between June and December 1956, companies increased dividends by only 2.2% (to 14.1%), retained the bulk of their earnings. As for Japan's consumers, heavy savings from past years (12% of disposable income v.7% in the U.S.) plus a near-record 371 million-bu. rice crop give them plenty of money to spend. Department store sales are up 23% for 1957 despite the credit pinch, and in one rice-rich village on the island of Shikoku in Southern Japan, the population of 300 families bought 300 motorcycles, 300 electric washing machines, and five electric...
This year the crop will be a whopper: 481 million bu., double last year's. One reason is a new hybrid seed; another is better irrigation. But the biggest is a wide loophole in the soil-bank law which permitted U.S. farmers to plant more acres in sorghum than ever before and collect price supports on much...
This is exactly what shrewd wheat farmers from Kansas to California did. Everyone joined the soil bank-and everyone piled on the sorghum. For the first time, the sorghum crop in Kansas was bigger than wheat-by 20 million bu. Result: with sorghum selling at $1.57 per cwt. on the free market and Government price supports at $1.83 per cwt., the U.S. will have to buy around 40% of the record crop at a cost of some $183 million in price supports. Then it will have to store the sorghum (if it can find space in wheat-filled granaries...