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1949 Wheat, Grain
Loans Close Tuesday
Farmers have until next Tuesday, January 31, to take out loans and purchase agreements on their 1349 wheat crop, R. B. Bridgforth, State PMA Chairman, said this week. He likewise added that the same closing date applies to price support programs for 1949-crop oats, rye, barley, and soybeans.
On the 1948 crop, loans and purchase agreements were available only through December 31, 1948, but the price support period w;as extended .thro.gh January this year to give farmers greater protection and market stability. The lengthening of price support availability also enables farmers to paply the proceeds of their 1949 crop price support and sales on 1950 income taxes, since most farmers are on an annual rather than accrual income tax basis.
Loans on small grains of the 1949 crop mature on April 30, 1950, or earlier if CCC demands. Loans on 1949-crop soybeans mature May 31, 13543. Farmers holding crops under purchase agreements, who intend to deliver to the Commodity Credit Corporation, must file their iif<entions with the local PM A county ofTice within a 30-day period prior to the maturity date for loans.
B’idgforth noted that both loans and purchase agreements on 1949 corn will continue to be available through March 31, 1950.
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