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In 1976 for the first time Virginia’s cash receipts from on the farm sales surpassed $1 billion with a total of $1,037,077,000, an increase of 6 per cent above 1975. This was in spite of the fact that drought conditions in the state cut crop production one-fifth below its potential.
It will be some time before the final tabulations are in for the year of 1977, but again drought conditions will affect the state’s potential. It is roughly estimated at this time that production will be down generally from about 20 to 25 per cent. At the moment it appears that corn, soybeans and hay will be about 34 per cent below 1975 output. It is anticipated that better prices for tobacco and peanuts, which make up about 27 per cent of the total cash receipts from crops plus larger totals for most livestock and products, may again bring Virginia another billion dollar year.
One thing seems to be sure, and that is that farm production expenses are
88.9%