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continuing to creep closer to money received from cash receipts. They set a new record high in 1976 when they reached $988.8, an increase of 9.3 per cent over 1975. Production expenses as a ratio to cash receipts a decade ago computed to 89.8 per cent—today this is 95.4 per cent. When a farmer loses his crop, as many did in the drought, his expenses remain for seeds, fertilizer and other supplies.
The first seven months of the year (Jan.-July) registered a 4 per cent gain for both crops and livestock over a comparable period in 1976. Prices for many of Virginia’s farm commodities now coming to market have been relatively low and the corn crop has suffered drastically not only from the drought but from insect damage.
Latest estimates indicate production of corn at 55 bushels per acre and it is expected the qverall production will be the smallest since 1970 and the lowest yield since 1966.
89.1%