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1 he announced minimum support for 1956'reflects 76 per cent of the estimated “transitional” wheat parity price of $2.38 per bushel. The support level is set In . accordance with the law which j. provides for a variable level on the basis of, the estimated supply of wheat. HThe minimum national average Bite of $1.8.1 per bushel for 1956-crop wheat will , not be reduced but will be increased -if a - . combination of j the wheat parity price and the supply percentage on July 1, 1956 indicates a higher minimum level of support.
If two-thirds or more of the wheat growers wiring in the wheat t marketing quota referendum on June 25;. approvd, marketing quotas will remain in effect for the 1956 crop and price support will average not less than $1.81 per bushel to. growers in . the commercial wheat States who do not * exceed their farm wheat allotments. When quotas are in effect the producer whq exceeds his farm wheat allotment-!—if he has more than 15 acres for harvest—will be subject to a marketing quota penalty of 45 per! cent .of parity on • the excess production. Wheat from a farm on which the allotment has * been exceeded is not eligible for ^ price support. j. . If more than !one-third of the - growers voting ip the referendum disapprove, marketing quotas will not be in effect and price support will be available at 50 per cent of the transitional parity price, or • ' about $1.19 a bushel for those farmers who stay within their farm wheat acreage allotment. Those who exceed their farm wheat acreage allotment. Those wheat acreage allotments will not be eligible for wheat price support.
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