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The Wool Program administered by ASCS was created by Congress to encourage the production of wool in the U. S. and to guarantee producers a fair minimum price for his wool.
The National Wool Act of 1954 established the incentive price for shorn wool at 72 cents per pound for the marketing years 197177. The rate of payment is announced after the marketing year is over and the average price received by all producers is known. If the national average price is below the incentive price, payments are then made to wool producers to bring the National Average Price for Wool sold up to the incentive price.
For example: In 1975 the in
97.2%