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Other results of the survey indicated that support for the grain embargo is dwindling; commercial farmers have been hardest hit by high interest rates; and although most farmers are expected to continue their farming operations in 1980. they are looking for ways to reduce farm expenditures.
Reviewing the survey. Commissioner Carbaugh said. "Relatively low corn prices as a combined result of the embargo, a large crop in 1979, carry-overs, worsening general economic conditions and low corn prices during the first quarter of the year are reflected in the lost revenue. Many farmers sold their crops early in order to obtain working capital for this year. Their crop reached market just as the price began to drop. When they sought to borrow money, interest rates were on the rise. A similar situation faced other segments of the agricultural community.”
The survey indicated that 66 percent of the farmers had greater needs for operating capital in 1980 compared with 1979.
The survey of 1,200 farmers in Virginia was requested by Commissioner Carbaugh to determine the effects of the grain embargo and high interest rates on their operations. VDACS Chief Economist Dr. Berkwood Farmer developed the survey, one of the first of its kind, that sought information only from farmers.
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