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the total county price-support loan and payment (U.'S. Average of $1.35 for corn), times the farm’s projected yield.
“Exceptionally good crop weather and improved cropping practices at home and abroad during the last two years has led to world-wide increases in grain production.”
“Despite the fact that corn yields in 1967 and in 1968 were about 13 percent greater than the preceding 1962-66 average, the acreage diversion programs for those two years kept carryover stocks near needed reserve levels.
Based on the December 19, 1968, crop report, production for 1968 will be about 168 million tons. Utilization for the 1968-69 marketing year currently is estimated at 169 million tons by October 1969, resulting in a slight reduction in stocks--to around 47 million tons. Through active participation in the 1969 program, farmers can realize further reduction of 3 to 5 million tons by the end of the 1969-70 marketing year.
I firmly believe the price-support loan program if fully utilized by producers, will substantially firm up market prices. If growers continue to use the price-support loan program for orderly marketing throughout the year as they now are doing, we can look forward to much progress.
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