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domestically-consumed wheat. Pointing out that farmers are receiving the same 2.6 cents now for the wheat in a pound loaf of bread they were getting in 1962, the Secretary recalled that in 1962 the baking industry had net profits of $101 million after taxes. Five firms — representing less that 2/100’s of the industry — collected 57 percent of the profits, he added.
It is not clear, Secretary Freeman said, whether the “bread trust” really wants to scuttle the farm bill “or if its goal is to use this legislation as a take-off point for a two-or-three-cent increase in bread prices.” The legislation calls for an increase in the farm price of the wheat required for a onepound loaf of bread of .7 of a cent. This farm income gain, if reflected in retail prices at all, should be less than a penny, the Secretary of Agriculture contends. Between 1957-59 and 1964, while spectacular increases were occurring in gross national product, 36 percent, and personal income, 34 per cent, gross returns to wheat farmers from their crops showed only a one percent gain, the Secretary said.
92.5%